Economic situation Great potential and major challenges

Colombia is an upper-middle-income country and has great economic potential, not least thanks to its abundance of resources (coal, natural gas, oil) and good basis for renewable energy generation (wind, solar, “green” hydrogen).

After a dramatic downturn during the COVID-19 pandemic in 2020, the economy saw a surprisingly strong recovery in 2021, growing at 10.6 per cent. The International Monetary Fund (IMF) expects a growth rate of 5.8 per cent for 2022 and rates a little below that for the following years.

One challenge that Colombia is faced with is the large budget deficit and the high level of public debt. Like many other countries, Colombia is currently facing high inflation, especially on food items, and a high level of unemployment.

Colombia's economy is largely a market system. The current Human Development Index (HDI) published by the United Nations Development Programme (UNDP) ranks Colombia 91st out of 193 countries.

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As at: 17/08/2022