Towards a new industrial policy in Colombia
Cartagena de Indias, Colombia.

Cartagena de Indias, Colombia.

28th September 2017

Scanning the business and political environments in South America, there is no country, with the exception of Chile, that matches Colombia in terms of stability and performance. On a large scale, Colombia has increased income levels, reduced the unemployment rate, maintain a moderate inflation rate, among others. Moreover, every time the world has faced a financial crisis or an economic slowdown, the Colombian economy has managed to escape unharmed.
Nevertheless, Colombia has faced major challenges. For example, in 2015, the country had difficulties in areas such as the fall of the oil price, El Niño (the negative impacts of climate change) affecting the agriculture sector, the closure of the border with Venezuela, and the global economic slowdown. On the positive side, the economy was marked by infrastructure projects, advances in the peace process, and productive investment projects. In 2015 the economy grew 3.1%. In 2016, Colombia was involved under uncertainty and turbulence, with high volatility in markets and economic slowdown, symptoms perceived by an increasingly integrated economy. In addition, the Colombian economy was affected by fiscal issues, exchange rate fluctuations, a possible recession in electricity, and high inflation rates, which led the Central Bank to increase the interest rate. In 2016 year, the economy had moderate growth of 2.0%. Although, according to the Colombian Ministry of Finance, the economic outlook for 2017 is projected to be 2.3%.
In …

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