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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

English Also available in: French, Spanish

Boosting exports and integration into the world economy

Colombia’s potential to make exports an engine of growth and job-creation is large, thanks to stable macroeconomic conditions and several trade agreements. However, the potential remains unrealised. Exports have remained low over the last decades and highly concentrated in terms of goods, destinations and regions. The costs to trade are among the highest in the world, driven by infrastructure bottlenecks and weak logistics. Good progress has been made in improving primary roads but significant gaps remain in other areas. Colombia has now a historic opportunity to explore new export opportunities beyond extractive activities, including agriculture or services. Realising Colombia’s potential and opportunities will require promoting competitiveness and productivity by reducing the scope of non-trade barriers, continuing to improve infrastructure and boosting competition in services, including logistics. Optimising innovation support programmes and fostering entrepreneurship and access to finance would also be fundamental. Going digital, by promoting further adoption and use of ICT technologies, would also boost firms’ competitiveness and the connectivity of regions.

English Also available in: Spanish

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