Economy

As one of the larger economies in Latin America, Colombia has a track record of above-average GDP growth, a reputation for sound macroeconomic management and market-friendly policies. In 2015 it has demonstrated resilience, absorbing a significant oil price shock – petroleum accounts for roughly half of total exports –while maintaining positive, albeit slower, growth. The economy expanded by an estimated 3.2% in 2015, according to the Ministry of Finance, driven primarily by the retail, agriculture and financial services. Despite continuing global headwinds and internal challenges, including poor logistics performance, a gradual recovery is expected in 2016 and beyond, driven in part by a programme of transport infrastructure investment. Moreover, a peace settlement ending a long-running internal armed conflict is expected to yield a peace dividend in the form of lower security costs, the opening up of previously closed areas of the country to development, and higher economic growth.

This chapter includes interviews with Mauricio Cárdenas, Minister of Finance and Public Credit; Cecilia Álvarez-Correa, Minister of Trade, Industry and Tourism; Ana Maria Carrasquilla Barrera, Chairman of the Board and Executive President, Latin American Reserves Fund (FLAR); and Luis Fernando Castro, President, Bancóldex.