Colombian economy

IMF: Global GDP to Contract in 2020, Rebound in 2021; Colombia Doing Better than Most

Medellin Herald April 15, 2020

The International Monetary Fund (IMF) on April 14 issued an updated forecast concluding that the Coronavirus crisis likely will slash 2020 global gross domestic product (“PIB” in Spanish initials) to a net-negative 3% — compared to 2.9% net-positive PIB growth in 2019. Colombia likewise

Colombian economy

Government, Private Sector Muddling-Through Financial Challenges of Coronavirus

Medellin Herald March 30, 2020

Colombia President Ivan Duque on March 29 hailed the move by the Ministry of Finance to extend COP$70 trillion (US$17 billion) in favorable credits to banks and their commercial, industrial and consumer customers — in order to enable broader debt refinancing, maintain employment and keep paying wages to workers during the Coronavirus crisis. With this […]

Colombian economy

Colombia President: Coronavirus to Cut 2020 Economic Growth; Fedesarrollo Foresees Feeble 1.2% PIB

Medellin Herald March 27, 2020

Colombia President Ivan Duque announced March 27 that the Coronavirus crisis and the resulting quarantine of most of the population is likely to cut Colombia’s gross domestic product (“PIB” in Spanish initials) this year. While late-2019 and early-2020 forecasts had indicated that Colombia seemed on track for around 3.5% PIB growth this year, Duque stated […]

Colombian economy

Foreign Direct Investment in Colombia Jumps 25% Year-on-Year; Exports Hit Record

Medellin Herald March 4, 2020

Colombia’s Ministry of Commerce, Industry and Tourism (“MinCIT”) announced March 3 that Colombia’s exports of goods and services in 2019 hit a record US$25.29 billion, while foreign direct investment (FDI) in Colombia soared 25.6% year-on-year, to US$14.49 billion. FDI in the commerce, restaurants and hotels sector jumped by 85.7% year-on-year, according to Banco de

Colombian economy

Colombia’s Continuing Economic Growth Outshines Nearly All of Latin America

Medellin Herald December 19, 2019

A just-released December 2019 study by the United Nations Economic Commission for Latin America and the Caribbean (CEPAL in Spanish initials) finds that Colombia not only outstripped nearly all of Latin America in 2019 economic growth but also is likely to continue the trend in 2020. According to the study, “Preliminary Overview of the Economies […]

Colombian economy

Colombia Inks Deals to Boost Banana, Avocado, Coffee, Meat Exports to China

Medellin Herald July 31, 2019

Colombia President Ivan Duque announced July 31 on his state visit to China that Chinese President Xi Jinping signed protocol deals that eventually will boost exports of Colombian bananas, avocados, coffee, meats and shellfish to China. Initial deals enable export of 4 million boxes of bananas (mainly produced in Antioquia) and 960 tons of Haas […]

Colombian economy

Colombia GDP Rebounding to 3.3% in 2019, 3.5% in 2020: Fitch

Medellin Herald November 16, 2018

Wall Street bond rater Fitch on November 14 issued a “stable” outlook for Colombian sovereign debt and simultaneously upgraded its GDP forecast to 3.3% growth in 2019 and 3.5% in 2020. “Ivan Duque’s 2018 presidential election victory is expected to lead to continuity in the government’s monetary and fiscal policies, including abiding by its fiscal […]

Colombian economy

Foreign Direct Investment in Colombia Grows Despite FDI Decline in LatAm

Medellin Herald July 9, 2018

A new report from the United Nations Economic Commission for Latin America and the Caribbean (CEPAL) finds that foreign direct investment (FDI) in Colombia grew by a relatively modest 0.5% year-on-year in 2017, whereas FDI in Latin America actually fell 3.6% region-wide. According to the report

Colombian economy

It’s Official: Colombia Joins OECD, World’s Biggest Free-Market Club of Democracies

Medellin Herald May 25, 2018

The Organization for Economic Cooperation and Development (OECD) – the group of the 37 biggest free-market democracies in the world – announced May 25 that Colombia has now completed all main steps to join the group. Formalization of affiliation will take place May 30 in Paris, when President Juan Manuel Santos and OECD Secretary-General Angel […]

Colombian economy

Colombia GDP Grew at 2.2% Rate in 1Q 2018: DANE

Medellin Herald May 15, 2018

Colombia’s national statistics agency (Departamento Administrativo Nacional de Estadistica, DANE) announced May 15 that first quarter (1Q) gross domestic product (“PIB” in Spanish initials) grew by 2.2%, a big improvement over the 1.7% PIB growth in 1Q 2017. The finance/insurance sector topped every other sector at 6.1% PIB growth, followed by 5.9% growth in public […]