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Financial News: COLOMBIA: Congressional Elections Support Macroeconomic Fr

COLOMBIA: Congressional Elections Support Macroeconomic Framework - Fitch

03/19/2018 - 13:13:00 (RTTNews)

(RTTNews) - The dominance of right-wing and center-right parties in Sunday's legislative elections should reinforce Colombia's macroeconomic and fiscal framework, said the credit risk rating agency Fitch.

According to Fitch, the result of the presidential election in the country, scheduled for May, would also be key to determining the political agenda.

The results of the legislative election and the parties' presidential primaries, held on Sunday, suggest that problems related to the economy and corruption have gained importance in the political discourse.

Within Congress, the right-wing and center-right parties will continue to represent the majority in both chambers. Alvaro Uribe's Democratic Center will represent the majority in the Senate, while the U Party will take second place.

The results of the presidential primary election point to Iván Duque as the winner of the Democratic Center candidacy and Gustavo Petro as the main left-wing candidate.

Fitch believes that "the composition of the new Congress dominated by the center-right should facilitate the elaboration of policies if Duque gets the presidency, while should mean a hurdle if Petro is the winner."

Fitch expects the Colombian economic growth to accelerate in 2018 and 2019 to 2.8% and 3.5%, respectively. Meanwhile, economic activity should remain moderate.

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