The three keys to economic growth, according to the banking system

The Colombian bank asked the government of Iván Duque increase productivity, ensure fiscal sustainability and attract and stimulate investments.

This was stated by the Chairman of the Board of Directors of the Banking Association and Financial Institutions of Colombia (Asobancaria), Juan Carlos Mora, at the opening of the bank convention in Cartagena.

"The challenges remain enormous and demand an economic policy agenda that enables us to continue on the fronts we view today as imperatives." The main challenge, and here I want to be emphatic, is to carry out actions leading to recovery rates of potential growth between 4.5% or 5.0% in a sustainable way ".

Mora, who is also the president of Bancolombia, noted that one of the weaknesses of the country's growth is the low contribution of productivity.

"We are convinced that the country should focus its efforts on the quality of education, a lever of value that has been postponed for decades in favor of short-term emergencies, in this way our integration into global value chains and our transition to standards of developed economies, "he said.

He added that talking about productivity also means overcoming our infrastructural delays, one of the major bottlenecks in terms of competitiveness, and emphasizing that banks are open to research into project funding, but "we need regulatory frameworks that provide full guarantees in all processes and limit the factors of uncertainty, many of them associated with the social tensions experienced by some communities. "

In the area of ​​fiscal sustainability, Mora argued that the design, implementation and enforcement of the fiscal rule, whose objectives are to reduce the structural deficit of the national government, has limited limited over-spending and reduced budget uncertainty.

"There are questions about the ability to meet the budgetary objectives of the medium-term rule, especially when tax collection, which today borders 14% of GDP, does not offer a prospect of raising and still carries a heavy burden on companies" He said.

Finally, he advocated generating friendly conditions for the recovery of the investment. "Restoring productive investment channels is perhaps one of the biggest imperatives for this purpose, which is why it is important to identify the obstacles that have limited their growth.The country requires a comprehensive common policy between the public and the private sector, which does not mean only the ballast can be addressed in terms of productivity and competitiveness that limit the growth of production activities, but reinforces its regulatory framework to provide full guarantees and certainty to investors ".

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