“Expect an economic hurricane in Latin America”: World Bank economist

International recession will be felt stronger in Colombia in the next few months, says Augusto de la Torre, Chief Economist for Latin American and the Caribbean at the World Bank.

In an interview with Dinero Magazine, the expert admitted that Colombia’s economy, which is not yet in recession, will feel stronger symptoms in March and April. “What is coming to the region is a hurricane originated in the north and in the rich countries”, he stated. “It is only a matter of time before we feel this brutal phenomenon of the decrease in the worldwide aggregate demand”.

When asked how the crisis could affect Colombia, de la Torre said it depends on how it is affecting other countries. “Each time you ask if Colombia will suffer from this crisis, you also have to ask how the US, Europe and the rest of the world will be affected”.

De la Torre gave a similar answer to discuss how long the crisis could last. “It also depends on the US, but be prepared to cope with a static economy for at least a year”.