Colombia's earthquake could reduce economic activity for two years: Analysis
The recent earthquake in Colombia will be a major political test for new President Abelardo de la Espriella, who has declared an economic emergency and promised an emergency fund to rebuild schools, hospitals and homes. Reconstruction is expected to cost around $9.6 billion, putting pressure on an economy already facing a deficit of 7 to 8 percent of GDP, according to the Finance Minister. De la Espriella has asked US President Donald Trump to suspend tariffs, which rose from 10 to 12.5 percent last month. In an interview with Al Jazeera, Javeriana University economics professor Jorge Restrepo said the country was on a "slow growing path" before the quake, with high unemployment and inflation, and "no room" to tackle such an emergency due to "imprudent fiscal policies of the previous government." He said it is "a huge economic shock" that will likely reduce economic activity for the next two years, and that it is "very difficult" to increase taxes as they are already among the highest in the Western Hemisphere.Subscribe to our channel: http://bit.ly/AJSubscribe
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