Colombia: Ecopetrol sale won’t solve fiscal problems

A partial sale of Colombia’s state-owned oil company, Ecopetrol, now appears likely and should limit the scale of fiscal austerity, particularly in 2020. But Colombia is yet to fully adjust to low oil prices and fiscal policy will remain tight in the coming years, weighing on growth. This is one reason why we think GDP growth will be weaker than most expect in the coming years.

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