OECD Home › Economy › By Country › Colombia
The global scenario is less benign for the region due to a downturn in global trade, a decline in commodity prices and increased uncertainty surrounding external financing, says the new Latin American Economic Outlook.
After a decade of relatively strong growth, Latin America is facing headwinds associated with declining trade, a moderation in commodity prices and increasing uncertainty over external financial conditions, according to the latest Latin American Economic Outlook jointly produced by the OECD Development Centre, the UN Economic Commission for Latin America and the Caribbean (UN ECLAC) and CAF - Development Bank of Latin America.
Income inequality in Colombia has declined since the early 2000s but remains very high by international standards. While most of the inequality originates from the labour market, wealth – and thus capital income – is also highly concentrated and the tax and transfer system has little redistributive impact.
Income inequality in Colombia has declined since the early 2000s but remains very high by international standards. Income dispersion largely originates from the labour market, which is characterised by a still high unemployment rate, a pervasive informal sector and a wide wage dispersion reflecting a large education premium for those with higher education.
The Colombian economy is strong and the outlook is promising, but the country must do more to ensure that the ongoing commodities boom contributes to sustainable and inclusive growth over the long-term, according to the OECD’s latest Economic Assessment of Colombia.
The Colombian economy has been resilient to the crisis. To secure a higher and more balanced economic growth in the future, it needs to boost productivity and reduce income inequality. Further reforms of the labour market and tax system are key.
List of Economic Assessment of Colombia
This seminar brings together policy makers from Latin America and economists from academia, international organisations and the private sector to discuss policies that would help Latin American countries to strengthen their growth potential.
This paper estimates unrestricted monetary reaction functions for four Latin American countries (Brazil, Chile, Colombia and Mexico) and tests for the presence of non linear effects in central bank behaviour.