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Production Transformation Policy Review of Colombia

Unleashing Productivity

image of Production Transformation Policy Review of Colombia

Colombia, the fourth largest economy in Latin America, is back on track after decades of conflict. The country is looking to open up opportunities by addressing structural challenges, further benefiting from trade and investment, and increasing productivity. Colombia's march towards prosperity requires transforming the economy through a renewed policy approach that prioritises an expanded knowledge base, unlocks regional potential and fast tracks digital technologies. The success will depend on Colombia’s capacity to leverage its long-standing planning capacity and its ability to bring together all the relevant stakeholders.



The Production Transformation Policy Review (PTPR) of Colombia provides a novel and timely assessment of the country's industrialisation strategies. It relies on international peer learning and domestic consensus building, and benefited from knowledge sharing through the OECD Initiative for Policy Dialogue on Global Value Chains, Production Transformation and Development.

English

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Executive summary

Colombia, the fourth largest economy in Latin America, is back on stage after decades of conflict. In the last two decades, Colombia has made much progress. Its citizens live better. The GDP per capita doubled between 2000 and 2017, and the economy grew at an annual average of 4.3%, the second highest growth rate in Latin American after Peru and doubling the rate of growth of the region. In the same period, the poverty rate declined from 50% to 28%. However, the incidence of poverty is still higher than in other countries in the region, such as Peru (20%) and Chile (12%). Investors’ confidence grew and the country has taken steps to re-brand itself as a nation open to business and innovation. In 2017, Colombia’s inward stock of Foreign Direct Investment (FDI) reached 57% of GDP, ranking among the highest in the Latin America and Caribbean region and above the OECD average. In addition, firms in Colombia are starting to use digital technologies for business. Thanks to improved digital connectivity and targeted policies for start-up development, Colombia is now the fifth largest hub by number of start-ups in Latin America and the fourth largest by venture capital.

English

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