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2019 OECD Economic Surveys: Colombia 2019

image of OECD Economic Surveys: Colombia 2019

Colombia has made good economic and social progress over the last two decades. Macroeconomic policies are solid and have sustained growth and smooth adjustments to shocks over the years. Maintaining and strengthening the policy framework is key to sustainable macroeconomic policies and setting the basis for higher productivity and inclusiveness. Putting Colombia on a path to stronger and more inclusive growth, and reducing dependence on natural resources, requires boosting productivity by adopting structural reforms in competition, regulations, trade policy, infrastructure, innovation, and skills. Reducing informality and boosting job-quality would extend the benefits of growth to all Colombians, underpinning economic and political support for reform.

SPECIAL FEATURES: BOOSTING EXPORTS AND INTEGRATION INTO THE WORLD ECONOMY; FOSTERING HIGH-QUALITY JOBS FOR ALL

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Key policy insights

Colombia has made good economic and social progress over the last two decades. Sound macroeconomic policies boosted confidence, which together with favourable demographics and external conditions underpinned resilient economic growth (, Panel A). This has contributed to higher living standards (Panel B and C), and, together with improving access to education and social transfers, brought significant social improvements. Poverty has fallen markedly in recent years, while progress in reducing inequality has been more muted (, Panel A and B). On 25 May 2018, Colombia was invited to become a member of the OECD.

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