In the Inflation Report, the Central Bank's technical staff analyzes the situation of the economy and inflation, and their mid and long-term outlook. Based on this, the staff provides insights to the Board of Directors on the recommended monetary policy stance.
Global economy continued to recover in the fourth quarter of 2013, thanks to the added momentum in the developed economies, especially the United States. In the euro area, the economic indicators pointed to low, but positive economic growth. Growth in the major emerging countries of Asia and Latin America was mixed, with rates near or below the productive capacity of their economies. The estimates for 2014 indicate the global recovery will continue and Colombia’s trading partners would post higher growth than in 2013, on average.