Colombia: Economic Snapshot 2017

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Politically, economically and socially, Colombia may be at the most important turning point in its modern history. After 52 years of fighting, the 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 poverty level and an increase of the middle class.