Colombia Economy Articles & Analysis

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Chapter | Country Profile from The Report: Colombia 2019

The end of the formal conflict between FARC and the government has boosted the country’s image abroad, allowing the tourism industry to fulfil its potential in areas that were previously out of bounds. Medellín, once known as the home of drug cartels, is now a focal point for innovation in Latin America. As such, it is set to become a regional leader in creative industries, an incentive...

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.

The WEF decided to place its regional centre for the fourth industrial revolution (4IR) in Medellín, what impacts will this have on the city?

La ciudad colombiana de Medellín ha dado un paso más en su desarrollo como clúster de innovación regional, convirtiéndose en la primera ciudad del mundo hispanohablante en albergar una filial del Centro para la Cuarta Revolución Industrial.

What are the department’s plans for the short to medium term?

Colombia inició el 2019 aplicando nuevas reformas tributarias y fiscales, diseñadas para estimular la inversión nacional y extranjera, aunque existe la preocupación de que algunas medidas puedan obstaculizar el crecimiento en el corto y mediano plazo.