Colombian Finance Minister Bonilla projected a 1.8% GDP growth and 5% inflation for 2024, creating conditions for a potential reduction in the central bank’s benchmark interest rate to around 8%. The 2023 GDP growth estimate is at 1.2%, lower than the previous forecast of 1.8%. Inflation is expected to decrease to around 9.5% by the end of 2023, down from 13.12% in 2022 but still above the central bank’s target of 3%. Bonilla anticipates that reaching the inflation target may extend into 2025, which could influence decisions on the benchmark interest rate reduction.