Macroeconomic Forecast Colombia

BMI View: Colombia's unemployment rate came in at 9.8% in December 2011, representing a slight increase from the previous month and breaking a steady downtrend in place since July 2011. President Juan Manuel Santos came under fire in early February due to rising questions about why the country's unemployment rate remains elevated as compared to regional peers Brazil (4.7% in December 2011) and Chile (6.6%). That said, we maintain our end-2012 unemployment forecast of 9.0% due to the country's strong growth prospects.

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