| Date - Field | Colombia - Economy - overview |
2008 January
Economy - overview | Colombia's economy has experienced positive growth over the past four years despite a serious armed conflict. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, improved domestic security, and high commodity prices. Ongoing economic problems facing President URIBE include reforming the pension system, reducing high unemployment, and funding new exploration to offset declining oil production. The government's economic policy and democratic security strategy, coupled with increased investment, have engendered a growing sense of confidence in the economy. However, the business sector is becoming concerned about failure of the US Congress to approve the signed FTA. |
2007 January
Economy - overview | Colombia's economy has experienced positive growth over the past three years despite a serious armed conflict. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, an improved security situation in the country, and high commodity prices. Ongoing economic problems facing President URIBE range from reforming the pension system to reducing high unemployment, and to achieving congressional passage of a fiscal transfers reform. New exploration is needed to offset declining oil production. International and domestic financial analysts note with concern the growing central government deficit, which hovers at 5% of GDP. However, the government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector. |
2006 January
Economy - overview | Colombia's economy has been on a recovery trend during the past two years despite a serious armed conflict. The economy continues to improve thanks to austere government budgets, focused efforts to reduce public debt levels, and an export-oriented growth focus. Ongoing economic problems facing President URIBE range from reforming the pension system to reducing high unemployment. New exploration is needed to offset declining oil production. On the positive side, several international financial institutions have praised the economic reforms introduced by URIBE, which include measures designed to reduce the public-sector deficit below 2.5% of GDP. The government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector. Coffee prices have recovered from previous lows as the Colombian coffee industry pursues greater market shares in developed countries such as the United States. |
2005 January
Economy - overview | Colombia's economy has been on a recovery trend during the past two years despite a serious armed conflict. The economy continues to improve thanks to austere government budgets, focused efforts to reduce public debt levels, and an export-oriented growth focus. Ongoing economic problems facing President URIBE range from reforming the pension system to reducing high unemployment. New exploration is needed to offset declining oil production. On the positive side, several international financial institutions have praised the economic reforms introduced by URIBE, which include measures designed to reduce the public-sector deficit below 2.5% of GDP. The government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector. Coffee prices have recovered from previous lows as the Colombian coffee industry pursues greater market shares in developed countries such as the United States. |
2004 January
Economy - overview | Colombia's economy suffers from weak domestic and foreign demand, austere government budgets, and serious internal armed conflict, but seems poised for recovery. Other economic problems facing President URIBE range from reforming the pension system to reducing high unemployment. Two of Colombia's leading exports, oil and coffee, face an uncertain future; new exploration is needed to offset declining oil production, while coffee harvests and prices are depressed. On the positive side, several international financial institutions have praised the economic reforms introduced by URIBE, which includes measures designed to reduce the public-sector deficit below 2.5% of GDP in 2004. The government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector, and GDP growth in 2003 was among the highest in Latin America. |
2003 January
Economy - overview | Colombia's economy suffers from weak domestic and foreign demand, austere government budgets, and serious internal armed conflict. Other economic problems facing the new president URIBE range from reforming the pension system to reducing high unemployment. Two of Colombia's leading exports, oil and coffee, face an uncertain future; new exploration is needed to offset declining oil production, while coffee harvests and prices are depressed. Colombian business leaders are calling for greater progress in solving the conflict with insurgent groups. On the positive side, several international financial institutions have praised the economic reforms introduced by President URIBE and have pledged enough funding to cover Colombia's debt servicing costs in 2003. |
2002 January
Economy - overview | Colombia's economy suffered from weak domestic demand, austere government budgets, and a difficult security situation. A new president takes office in 2002 and will face economic challenges ranging from pension reform to reduction of unemployment. Two of Colombia's leading exports, oil and coffee, face an uncertain future; new exploration is needed to offset declining oil production, while coffee harvests and prices are depressed. Problems in public security are a concern for Colombian business leaders, who are calling for progress in the government's peace negotiations with insurgent groups. Colombia is looking for continued support from the international community to boost economic and peace prospects. |
2001 January
Economy - overview | Colombia is poised for muted growth in the next several years, marking continued recovery from the severe 1999 recession when GDP fell by about 4%. President PASTRANA's well-respected economic team is working to keep the economy on track, maintaining low interest rates, for example. In accordance with its IMF loan agreement, the administration also is taking steps to improve the public sector's fiscal health. However, many challenges to improved prosperity remain. Unemployment was stuck at a record 20% in 2000, contributing to the extreme inequality in income distribution. Two of Colombia's leading exports, oil and coffee, face an uncertain future; new exploration is needed to offset declining oil production, while coffee harvests and prices are depressed. The lack of public security is a key concern for investors, making progress in the government's peace negotiations with insurgent groups an important driver of economic performance. Colombia is looking for continued support from the international community to boost economic and peace prospects. |
2000 January
Economy - overview | Colombia is poised for moderate growth in the next several years, marking an end to the severe 1999 recession when GDP fell by about 5%. President PASTRANA's well-respected economic team is taking steps to keep the recovery on track, such as lowering interest rates and shoring up the financial system. In its loan agreement with the IMF, the administration has pledged to take additional steps to restore growth, reduce inflation, and improve the public sector's fiscal health. Many challenges to sustainable growth remain, however. Unemployment reached a record 20% in 1999 and may remain high, contributing to the extreme inequality in income distribution. Colombia's leading exports, oil and coffee, face an uncertain future: new exploration is needed to offset a pending decline in oil production, and the coffee harvest has dropped off because of aging plantations and natural disasters. The lack of public security is a key concern for investors, making progress in the government's peace negotiations with insurgent groups an important driver of economic performance. Colombia is looking for international financial assistance to boost economic recovery and peace prospects. |
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This page was last updated on 22 July, 2008 |
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