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Colombia Economic Snapshot

> Panorama económico de Colombia

Economic Forecast Summary (December 2021)

After surpassing its pre-crisis level in the third quarter of 2021, GDP is projected to grow by 5.5% in 2022 and 3.1% in 2023. Private consumption is the main driver of the recovery as employment picks up, although at a slower pace than economic activity. Vaccine coverage has made significant progress, but is trailing behind regional peers. Strong commodity prices and improving prospects in key main trading partners will continue to underpin exports.

Reform Priorities (April 2021)

Going for Growth 2021 - Colombia

The pandemic is likely to lead to higher informality, inequality and poverty - reversing years of improvement. Low-quality basic and professional education often disconnected from labour market needs, large connectivity gaps and high regional inequalities need to be addressed in order to tackle informality and boost growth and employment in the medium-term.

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2021 Structural Reform Priorities

  • Labour market: Reduce barriers to formality
  • Competition and regulation: Reduce barriers to trade and strengthen competition
  • Education and skills: Improve outcomes and equity in education
  • Social protection: Expand social programmes to reduce poverty and inequality
  • Infrastructure: Boost digital infrastructure to promote connectivity and reduce prices

 

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Economic Survey of Colombia (October 2019)

Colombia has made good economic and social progress over the last two decades. Sound macroeconomic policies boosted confidence, which together with favourable demographics and external conditions underpinned resilient economic growth. This has contributed to higher living standards, and, together with improving access to education and social transfers, brought significant social improvements. Poverty has fallen markedly in recent years, while progress in reducing inequality has been more muted. On 25 May 2018, Colombia was invited to become a member of the OECD.

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