In the early 21st century, the Colombian economy grew in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, an improved security situation in the country, and high commodity prices.

Oct 9, 2024 · The economy is projected to expand 1.5 percent in 2024 and slightly above the 2.9 percent potential growth rate in the following years, as inflation and interest rates recede. Colombia faces significant social and geographic inequalities, including in human capital.

Dec 2, 2024 · Following an economic surge in the 2000s, Colombia's Gross Domestic Product (GDP) continues to rise, achieving a figure of $363 billion USD in 2023, with a projected upward trajectory for...

Dec 11, 2024 · Colombia ranks as the sixth-best economy among member countries of the Organization for Economic Co-operation and Development (OECD) in 2024, according to a ranking by the British magazine The Economist.

Latest news and information from the World Bank and its development work in Colombia. Access Colombia’s economy facts, statistics, project information, development research from experts and latest news.

In 2023, Colombia’s economy experienced weak performance, growing only 0.6% compared to 2022. Declines in value added were observed in key sectors such as construction (4.1%), manufacturing (3.6%), and retail (2.8%). Over the first half of 2024, the economy grew by 1.5% in cumulative terms.

Colombia Global Economic Prospects examines trends for the world economy and how they affect developing countries. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets.

The outlook for 2025 points to a growth of 2.9% for the Colombian economy, very close to its potential, and a convergence of inflation to its 3.0% target by the end of the year.

Economic growth is projected at 1.8% in 2024, reflecting the lingering impacts of tight macroeconomic policies and slowing global growth. An acceleration of GDP growth to 2.8% is expected for 2025, reflecting a return to a low growth potential.

After a robust recovery from the COVID-19 crisis, Colombia's economic growth is returning to a low potential. Medium-term growth prospects depend on maintaining Colombia's strong macroeconomic framework and enacting reforms to create a business-friendly environment which can attract high levels of investment.