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Briefing

Colombia: Economic Profile

Appears in: Emerging Markets, Latin America, Geostrategy, Macroeconomy, Colombia, Growth Outlook and Business Cycle

Critical Issues

Background:

Between 2002 and 2007 Colombia experienced increasing economic growth as the country showed a more positive investment environment. However, poor fiscal management limited the ability of former president Alvaro Uribe’s to implement a strong countercyclical effort, worsening the country's fiscal standing during and after the 2008-2009 global crisis. During the recovery, the main drivers of the economy were consumer confidence, high terms of trade, strong private investment and the recovery of the financial system. The troubled relations with neighbors Ecuador and Venezuela also had an initial negative impact on Colombia’s growth, when Venezuelan president Hugo Chavez decided to close borders with Colombia and ban its exports. Conversations about bilateral trade relations have resumed, and are important to the economic agendas of both countries.

Although drug trafficking and income inequality remain persistent problems, reforms to Colombia's energy and mining sectors, as well as the pending signing of the trade agreement with the U.S., have encouraged foreign investment and growth.

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