Fitch warned that Colombia faces challenges in reducing its fiscal deficits, with the debt-to-GDP ratio expected to stabilize at around 55%. The agency anticipates weak Colombian economic growth, ranging between 1.5%-1.2% for 2023–2024. Political instability under president Gustavo Petro adds uncertainty to whether necessary reforms will pass. October’s regional elections will be crucial to Petro’s political future. Colombia has a structural current account deficit of 3.5% of GDP, and Fitch sees potential risks of weakening FDIs.