Colombia Archives - Economy Watch

Colombian President Continues Fight against Drug Cartels

Colombian President Juan Manuel Santos spoke at a UN General Assembly meeting this week regarding international drug policy and his country’s fight against drug cartels, according to AFP. He outlined various proposals to strengthen campaign efforts, such as treating drug users instead imprisoning them and building a stronger international coalition against drug kingpins. The president hopes that a potential peace deal with FARC rebels would provide the perfect opportunity to cripple the drug trade in Colombia.

Colombia Faces Economic Slowdown

The Colombian economy may slow in 2015, top banking officials have stated. In a statement released by the chair of the Banking Association of Colombia (BAC), Mr. Santiago Castro mentioned that Colombia’s economic slowdown would be quite strong. However, it would fall short of a recession. Castro released this statement at the 27thCongress of Treasury, in Cartagena.

Colombian Economy Continues to Expand at a Healthy Pace

Although recently submitted statistics have suggested that Colombia’s economy could be experiencing slower growth than expected, forecasts remain positive. The economy grew less than predicted in the second quarter, but maintained a healthy pace. Consumer spending remained strong this year, and the government has spent a heavy portion of funds on infrastructure. As a result, the institute for national statistics has suggested that Colombia’s economy has seen an increase of approximately 4.3% in the financial period of April through June.

Colombia Slaps 33 Percent Charge For Assets Sent To Foreign Tax Havens

Colombian companies and individuals will now have to pay a 33 percent fee when they transfer funds to countries listed by the government as a tax haven, announced Finance Minister Mauricio Cardenas on Tuesday, after tax authorities estimated that up to 20 trillion pesos ($10.6 billion) in potential tax revenue were being lost due to funds sent abroad.

Colombia – Fast Facts

Colombia is a lower middle income economies coming under Latin American and Caribbean region as to the classification made by the World Bank on the basis of income and region for the year 2006.

The country’s economy follows a free market economy system. The business sector of the Colombia economy has performed well in the recent years after the adoption of economic reforms. The economic trends tell that it is a more stabilized economy.

Colombia Economic Forecast

When it comes to the economy for Colombia, tremendous growth has been seen from 2002 to 2007. In fact, in 2007 alone, growth had reached more than 7% primarily because of increasing commodity prices, the URIBE pro-market economic policy, and advancements specific to domestic security. Other changes that have boosted Colombia’s economy are the investor reform for the hydrocarbon sector, as well as import and export trade between Colombia and the United States.