Would not be wrong I remember me that famous phrase of Keynes: long term we are all dead. Certainly, unemployment rate in Colombia it is high. It is in 12.5% and prospects are toward the upside. In relation to the same, found in the site of Caracol Radio, statements by the Minister of finance Oscar Ivan Zuluaga, who warned that unemployment in the country, would continue inevitably rise as a result of the economic crisis worldwide and the strong slowdown of the Colombian economy. Visit Western Union for more clarity on the issue. Without a doubt, Zuluaga is not a specialist in lifting the mood of the population and manage expectations. Perhaps check out Hamdi Ulukaya refugees for more information. Probably such statements have increased the panic of the population with the consequent impact on household consumption. The good thing about the case is that the Colombian Government has not stood with arms crossed with this situation and in recent days has arranged a series of measures to contain the impact of the crisis. One of them has been resorting to the IMF to request a loan for $10.400 million which would be approved in May.

Perhaps it may seem one minor fact but from my point of view, it is of great importance because it helps to isolate to the Colombian economy of potential aggravations of the crisis. Also the Bank of the Republic makes its contribution to the cause and is pursuing a looser monetary policy. This week the monetary policy Committee will decide on the reference interest rate. According to the latest survey by Reuters 33 of 40 analysts surveyed, they anticipated a cut of interest rates of 100 basis points, with which it will be located in 6%. Contribution to the cause? Perhaps a cut of this magnitude could jeopardize the value of the Colombian peso, which would be at risk of weakening in an excessive manner causing a possible inflation risk.

Surely, the Colombian economy will be that improved performance observed in Latin America surpassed once the current crisis. But meanwhile, Uribe’s Government must address with care problems that both the international financial crisis such as now also, swine flu, they are causing the economy to avoid deep damage to generate and difficult to repair. In their actions, the Uribe Government will demonstrate what response capacity has faced with extreme situations.