The re-election of Juan Manuel Santos as the president of Colombia will ensure the continuation of peace talks with the FARC, but is unlikely to signal a shift away from the economy’s reliance on commodity-driven growth. With the global commodities boom now coming to a close, the economy will not benefit from the same tailwinds that it did during Mr. Santos’ first term in office. We expect average annual growth to dip to 4% in Mr. Santos’ second term – compared to nearly 5% in his first.
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