Colombia Economy

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A number of Latin American and Caribbean countries have strengthened their ties with China after signing a wide-ranging economic and political agreement.

Digital acceleration trends are transforming the global economy. Along with a need to diversify exports away from oil, Colombia is investing in technology and digital solutions to boost productivity and competitiveness.

Following a difficult 2020, Latin America and the Caribbean has seen a return to growth this year. Although the region still has a long way to go in terms of its vaccine rollout, the pandemic has prompted a range of changes that will impact positively on the region in the medium to long term, among them increased digitalisation and a redoubled focus on sustainability.

As Latin America continues its economic recovery from Covid-19, countries in the region are increasingly looking towards the circular economy as a platform for sustainable future growth.

‘Nearshoring’ – whereby companies shift their offshore production capacities closer to home – is experiencing significant growth in Latin America amid the coronavirus pandemic.

While 2019 was a rather mixed year for Colombia’s economy, the country closed the year on a positive note, with 3.4% GDP growth.

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