Colombian Current Account Deficits Will Endure

• Rebounding exports following the economic shock of the COVID-19 pandemic will help to narrow Colombia’s current account deficit in 2021 and the years thereafter. 
• That said, Fitch Solutions expects that the country's current account shortfalls will persist over the coming years amid a subdued outlook for oil production and prices, combined with renewed demand for imports.
• It has revised its 2020 and 2021 current account deficit forecasts to 4.0% of GDP and 3.9% respectively, from 4.4% and 4.0% previously, as remittance inflows have surprised to the upside in recent months. 

(Source: Fitch Solutions)