The Economist | 10/16/2009 12:00:00 AM
No recession here
Oct 16--But difficult to return to rapid growth
But recovery risks being almost as gentle as the downturn. Whereas Brazil is bouncing back strongly (see article), Colombia can expect growth of just 2.5% next year and 3% in 2011, reckons Óscar Zuluaga, the finance minister. Whereas Brazil, Chile and Peru benefit from China’s hunger for commodities, Colombia’s exporters face difficulties. Their biggest market, the United States, is depressed; Venezuela and Ecuador, which take many of their manufactures, have imposed trade barriers.
Even so, Colombia’s economy has dramatically improved in recent years. President Álvaro Uribe’s security policies have helped to restore confidence. Investment soared, from 15% of GDP in 2002 to 26% last year, says Mr Zuluaga. Private business has retooled. After many delays, the government has issued licences to expand several ports; this month it hopes to award a contract for the first of four big road schemes, costing a total of $7.5 billion over four years. It hopes for investment of up to $50 billion in mining and oil over the next decade.
Read more here.
Semana International delivers news about Colombia in English. Find more in our home.