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  • Consumption and fiscal expansion are driving activity in Colombia, while capex remains subdued.
  • Imports surged ahead of weak exports, widening external deficits and exposing structural issues.
  • Election uncertainty and wage shocks hinder monetary policy, prolonging tight financial conditions.

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Keywords for: 23 February 2026 LatAm Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence