Size of the Economy
Colombia is the fourth largest economy in Latin America, with a population of 7.6 million and a GDP of 90 billion dollar. Bogotá’s GDP alone is bigger than the GDP of Ecuador, Uruguay, Paraguay and Bolivia, according to the International Monetary Fund. Colombia’s GDP is expected to grow at 2.2% this year, and beat out all of Latin America.
Colombia has one of the best business environments in Latin America, with an excellent business climate. It is on the 66th position in the World Economic Forum’s Competitiveness Ranking (2017). During previous years, the Colombian economy has experienced growth: its macroeconomic aggregates and social indicators show significant improvement and a positive balance. GDP growth, low inflation, interest rate stability, significant reduction of unemployment and a lower rate of poverty and homelessness, all provide important business opportunities and reflect a good moment for the country and great future potential.