Petro’s Record 23% Wage Hike Ripples Through Colombian Economy

The decision to raise the minimum wage by such a substantial margin reflects a bold attempt to address income inequality in Colombia. However, the government's struggle to manage the fallout, including potential inflationary pressures and the need for price controls, suggests that the policy may have been implemented without fully considering its broader economic implications. This situation raises questions about the balance between improving worker conditions and maintaining economic stability.