Economy & Business - August 2022

COLOMBIA: Petro looks to calm rattled markets as Colombia swings left

With the election of Gustavo Petro as Colombia’s president on 19 June, shivers ran down the spine of many an investor. The former left-wing guerrilla’s talk of taxing the rich, meddling with the central bank’s executive board, and reining in the country’s all-important oil industry sounded like a potential nightmare scenario to them. The Colombian peso plunged more than 18% and the stock exchange index dropped more than 13% over the next three weeks, albeit in part due to global headwinds and recession concerns in the US and Europe. But, bit by bit, Colombia’s first leftist president has been allaying investor fears, appointing a respected and experienced finance minister, forging a working majority in both chambers of congress, and moderating some of his more radical proposals.  

End of preview - This article contains approximately 1143 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

Intelligence Research Ltd.
167-169 Great Portland Street,
5th floor,
London, W1W 5PF - UK
Phone : +44 (0) 203 695 2790
You may contact us via our online contact form
Copyright © 2022 Intelligence Research Ltd. All rights reserved.