Colombia country-specific exchange traded funds are outperforming the broader emerging markets as the economy expands at its fastest clip in over two years.

Year-to-date, the Global X FTSE Colombia 20 ETF (NYSEArca: GXG) is up 12.1%, Market Vectors Colombia ETF (NYSEArca: COLX) rose 14.5% and and the iShares MSCI Colombia Capped ETF (NYSEArca: ICOL) increased 10.1%.

In comparison, broad emerging market ETFs like the iShares MSCI Emerging Markets ETF’s (NYSEArca: EEM) and Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) are up 5.0% and 6.9% year-to-date, respectively. [Of Rocky Top and Emerging Markets ETFs]

“There are a lot of things going in the right direction,” Ricardo Hausmann, a former Venezuelan planning minister who is now economics professor at Harvard University, said in a Bloomberg article. “In general, the world is decelerating and emerging markets are decelerating this year. Colombia is accelerating.”

Colombia’s government revealed that the economy expanded 6.4% in the first quarter year-over-year, the best first-quarter results since 2007 and overshooting average predictions of 5.1% growth, Reuters reports.

“Internal demand has shown a very good performance, particularly private consumption and investment,” Daniel Velandia, the head analyst at Credicorp’s Colombia unit, said in the Bloomberg article. “This is generating a lot of optimism.”

Consequently, analysts are predicting that the Colombian central bank could raise policy rates tomorrow by at least 25 basis points to combat rising inflation. [Learning to Love LatAm ETFs Again]

The central bank previously adhered an expansionary monetary policy, including a low benchmark rate, to stimulate the. Consequently, the faster growth has lifted inflation from its lowest since 1955.

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