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Colombia's economy would contract between 1.5% and 2% this year, compared to the 3.7% expansion that the government had initially set as its goal, Finance Minister Alberto Carrasquilla said in a published interview. Monday by a local newspaper.

Colombia exhibited during 2019 a growth of its Gross Domestic Product (GDP) of 3.3%, one of the highest in the region.

 Given this panorama clouded by the spread of COVID-19, Carrasquilla admitted to the newspaper El Espectador, that "of course" the possibility of filing a tax reform is opened due to an expected drop in the tax collection, which would be about 10 billion pesos ($ 2,572 million).

Colombia had set a collection goal of 158 billion pesos ($ 40.65 billion) for this year.

“The economic crisis that the country is going through implies, on the one hand, much more public spending to meet the challenges in public health, humanitarian and business illiquidity; but it also implies much less public revenue as a consequence of the economic slowdown that the management of the pandemic has, "said Carrasquilla