Historical and current economic condition in Colombia
Historical and current economic condition in Colombia
Introduce the historical and current economic condition in Colombia. Identify if the country is an example of economic success or failure. Also discuss the theoretical perspective like Modernization theory, marxist-inspired approaches,
The historical and current economic condition in Colombia
Firstly, introduce the historical and current economic condition in Colombia. Identify if the country is an example of economic success or failure. Also discuss the theoretical perspective like Modernization theory, marxist-inspired approaches, globalization theory.
Secondly, explain how poverty in the country has been addressed.
Thirdly, how do you evaluate the efforts to alleviate poverty in Colombia?
More details;
The economic context of Colombia
Economic Indicators
For the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the OECD Economic Outlook Interim Report Coronavirus: the world economy at risk (March 2020) and the IMF’s policy tracking platform Policy Responses to COVID-19 for the key economic responses from governments.
Thanks to its market size, the extent of its natural resources (coffee, emeralds, oil and coal, among others) and a historical reputation as an exemplary debtor, Colombia has experienced a stable and solid growth for most of the past two decades. However, the country was affected by the fall in oil prices, as oil accounts for nearly 50% of its total exports. Still, GDP grew by 3.3% in 2019, mainly supported by stronger investment growth, and accommodative monetary policy. According to the updated IMF forecasts from 14th April 2020, due to the outbreak of the COVID-19, GDP growth is expected to fall to -2.4% in 2020 and pick up to 3.7% in 2021, subject to the post-pandemic global economic recovery.
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