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LatinNews Daily - 29 June 2020

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In brief: Colombia cuts GDP forecast

* Colombia’s deputy finance minister, Juan Pablo Zárate, has reported that the government has revised down its GDP growth predictions for 2020, expecting the country’s economy to contract by 5.5% this year. Zárate emphasised the significant impact of the coronavirus (Covid-19) pandemic on Colombia’s GDP, noting that in February the government had been anticipating 3.7% growth in 2020. The government’s revised estimate is still relatively optimistic compared to projections by international organisations, with the International Monetary Fund (IMF) most recently predicting a 7.8% contraction for Colombia’s economy this year – however, this is still above the 9.4% average decline forecast by the IMF for Latin America and the Caribbean as a whole.