Colombia Economy

Chapter | Table of Contents from The Report: Colombia 2019

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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.

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Digital acceleration trends are transforming the global economy. Along with a need to diversify exports away from oil, Colombia is investing in technology and digital solutions to boost productivity and competitiveness.

Following a difficult 2020, Latin America and the Caribbean has seen a return to growth this year. Although the region still has a long way to go in terms of its vaccine rollout, the pandemic has prompted a range of changes that will impact positively on the region in the medium to long term, among them increased digitalisation and a redoubled focus on sustainability.

As Latin America continues its economic recovery from Covid-19, countries in the region are increasingly looking towards the circular economy as a platform for sustainable future growth.

‘Nearshoring’ – whereby companies shift their offshore production capacities closer to home – is experiencing significant growth in Latin America amid the coronavirus pandemic.

While 2019 was a rather mixed year for Colombia’s economy, the country closed the year on a positive note, with 3.4% GDP growth.

En un contexto de crecimiento económico positivo, el gasto de los hogares en Colombia ha evolucionado favorablemente en 2019 gracias a unas bases macroeconómicas sólidas y a factores demográficos.

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