In recent years, Colombia has been significantly improving its macroeconomic performance, internal security and stability, resulting in advances in social indicators. However, due to the pandemic, the country had to rethink both its objectives and the methods in order to maintain the positive trend and continue to stand out as one of the best countries to invest. Here are relevant figures of the Colombian economy and post-pandemic macroeconomic projections:
- In order to boost the economy, the Government has delivered support packages to the business sector and households, becoming one of the countries that has most encouraged economic reactivation in the region, with an investment of resources that has been estimated at 9.6% of GDP.
- Colombia is expected to be one of the countries leading the economic recovery in 2021. According to World Bank estimates, the national economy would contract 7.2% in 2020 and grow 4.9% in 2021, with a better performance than the average for the region (which corresponds to a contraction of 7.9% in 2020 and a growth of 3.7% in 2021).
- Projections from entities such as the International Monetary Fund and The Economist Intelligence Unit show that in the medium term (2022-2025) Colombia has better prospects for economic growth compared to Mexico, Brazil, Argentina and Chile.
- In addition to the 16 Trade Agreements in force, Colombia is actively pursuing free trade and investment agreements to expand its markets. Currently, a Free Trade Agreement with Japan is being negotiated and the figure of Associated Government of the Pacific Alliance is being negotiated with Canada, Australia, Singapore and New Zealand.