The CB of Colombia keeps the MPR unchanged but cuts its growth forecasts for 2015

The significant deterioration in public finances in Brazil in 2014 increases the need for fiscal adjustment, despite the negative effect on economic activity. This will not prevent a further increase in public debt in 2015 but should be a step towards reversing the negative trend from 2016 onwards. In Mexico the Ministry of Finance announced a cut in public spending of 0.7% of GDP; the cuts will be concentrated in current expenditures, we expect a limited impact on GDP.

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