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Colombia Economic Snapshot

> Panorama económico de Colombia

Economic Forecast Summary (May 2021)

The economy has rebounded strongly since the second half of 2020, but social unrest and renewed mobility restrictions in April and May 2021 will push a more durable recovery into the second half of 2021. GDP is projected to grow by 7.6% in 2021 and then ease to 3.5% in 2022, boosted by private consumption and investment. A vaccine rollout is slowly making progress. Possible further restrictions, and also uncertainty about fiscal prospects, could weaken the recovery.

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.

©Shutterstock/Anton Petrus

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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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