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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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.

Colombia busca expandir y diversificar sus lazos comerciales con China a través de una serie de nuevas alianzas, confirmadas por el presidente Iván Duque durante su reciente visita de Estado a esa nación.


LANGUAGE: Spanish is the official language, although more than 60 indigenous and Creole languages are spoken in various regions. English is also an official language in San Andrés, Providencia and the Santa Catalina islands off the northern coast. Business executives and senior government officials are frequently highly proficient in...

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