Colombia

In 1994 economic activity continued on the upward path it has followed since the completion of the liberalization programme at the end of 1991. Readily available external financing allowed private consumption to expand greatly, which, combined with the expansion of public spending and gross investment, gave a strong impetus to domestic demand. Thus, the growth rate accelerated to around 6%. The 19% inflation target could not be reached despite the virtual stabilization of the nominal exchange rate. Inflation remained at the same level as in 1993, i.e., around 23%, in what appears to have been a pause in the downward trend in the consumer price index (CPi) since 1991.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions