Following a landmark peace agreement and a late-2016 tax reform package, 2017 looks to be a year of significant promise for Colombia. The country has been in recovery since the 2014 collapse in oil prices, which predominantly affected exports, government revenues and the exchange rate. However, with the external sector acting as a shock absorber, the authorities helped ensure that domestic demand was able to pick up some of the slack.
Politically, economically and socially, Colombia may be at the most important turning point in its modern history. After 52 years of fighting, a landmark peace deal between the government and the armed militant group FARC was concluded in late 2016. This coincided with the apparent bottoming out of the country’s economic deceleration. GDP growth had been hit hard by falling global oil prices, declining to 2% in 2016, but it is expected to pick up in 2017 and continue accelerating thereafter. This combination of positive events follows a series of important transformations taking place in Colombian society, including a reduction in the overall poverty level and a growing middle class.
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