Cover of The Report: Colombia 2019

The Report: Colombia 2019

Since the drop in commodity prices in 2014, Colombia’s economy has been recovering and is set to expand in 2019 and 2020. In May 2018 Colombia was invited to become the 37th member of the OECD, a positive development that should increase the country’s international political and economic prominence in the coming decades. However, challenges to ensuring Colombia’s continued economic progress remain.

Colombia is home to a distinctive blend of ethnicities, cultures and geography, has the second-largest population in South America and is the continent’s fourth-largest country. After spending much of the second half of the 20th century embroiled in the world’s second-longest modern civil war, the 2016 peace accord brought a formal end to the conflict between FARC and the government. The end of the formal conflict has boosted the country’s image abroad, allowing the tourism industry to fulfil its potential in areas that were previously out of bounds.

In spite of its heavy focus on natural resource exports, the country has rebounded from a commodity-induced slowdown in the middle of the decade, with the World Bank forecasting expansion of 3.5% in 2019 – higher than the 2.6% global projection – and 3.6% in 2020. Looking ahead, economic growth will be spurred by strong consumer spending and increased investment in the construction sector as the country continues to roll out its Fourth Generation road infrastructure programme.
 

OBG & Colombia