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.
Peru has seen relatively stable economic growth and significantly reduced the number of people living in poverty. Still, there have been multiple cases of corruption, but the government of President Martín Vizcarra Cornejo, who took office in 2018, has focused efforts on combatting this and stabilising the political climate. Nevertheless, challenges to ensuring sustainable development remain.
As Egypt is the most-populous Arab nation and third-most populous in Africa, population pressure is driving the nation’s economic agenda, with an estimated 3.5m young Egyptians entering the labour force by 2023. Recent years have seen an array of public initiatives aimed at encouraging private sector activity, but these remain hampered by a challenging economic backdrop and structural hurdles.
The Indonesian economy had a strong year in 2018, with growth of 5.2% marking the fastest pace in half a decade. This came on the back of robust domestic consumption, increased foreign investment and continuing efforts to reform policy and simplify investment procedures, and despite challenges including a falling rupiah, a trade imbalance and global political issues.
Home to an estimated 15% of the world’s proven oil reserves and the single-largest economy in MENA, Saudi Arabia is a key regional and global player. The Vision 2030 blueprint sets out regulatory, budget and social reforms that will be implemented over the coming decade as the nation sets about curbing its reliance on crude oil production and export, which accounted for 43.5% of GDP in 2018.