The secretary general of the Organization for Economic Cooperation and Development (OCDE), Ángel Gurría, reported last week that the Colombian economy will reach a growth rate of 3.4% this year and is expected to reach 3.5% in 2020. The Economic Survey of Colombia, from which the annual figures are taken, reports that the GDP is rebounding with the help of domestic demand.
Investment in the form of infrastructure projects, recent tax reforms, and low interest rates have provided a positive environment for businesses to grow, and it has led to economic expansion. Inflation will hover around the target of 3%, and Colombia’s macro policies have narrowed the fiscal deficit to 1% of GDP.
Despite these favorable statistics, the OCDE (Organization for Economic Cooperation and Development) says the country is pushing for further measures regarding income and expenses to ensure future growth and to cover deficiencies in infrastructure, social programs, and peace process (with the FARC and other guerrilla groups).