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Recommended: About Colombia's economy

Each country in the world has experienced different economic situations. For example, some experienced unemployment, high inflation rates, while others faced bankruptcy, slow economic growth and many others, which are directly linked to their economy. In the following paragraphs, the economic situation of Colombia would be analyzed to get an insight on how this country is doing economically. Colombia is situated in South America and has the third largest population (around 48 million) of all Latin America (Agriculture and Agri-Food Canada, p.2, 2013). Economically, Colombia has a nominal GDP of around $370 billion (USD dollars), according to the World Factbook (2012), making it the 30th economy in the world and among the top ones in Latin America, but its GDP per capita is around $11 000 ranking 110th compared to the world, in part because there are large inequalities among rich and poor. Currently, Colombia is a free market with many natural resources in their disposition, but they are highly dependent on their oil exportations for their economy as they exported to their principal buyer (United States), “332 000 barrels per day in the year 2000” (Encyclopedia of the Nations, 2013). However, their economy is also based on mining, agriculture and manufacturing. Nowadays, Colombia is mainly experiencing problems with, large income inequality and investment security, which could be resolved in part with modifications in the current fiscal policies and a raise in human capital. To better understand the aforementioned main problems, the causes and consequences of each problem would be analyzed and supported by statistics. Finally, some solutions would be proposed in order to resolve, to a certain extent, the problems faced by Colombia...

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...st in transport infrastructure would help to ease economical development in the long run. Finally, by trying to negotiate peace treaties with these armed groups (EDC, 2013), Colombia could get more trust by investors, however, these treaties have been proven to not work in the past, and thus disarming campaigns are more suitable. For instance, these campaigns have already had been implemented by the government, but they should be promoted to a greater scale in order to have more security in the country and therefore in the economy as well. These solutions will surely help Colombia to have a more stable investment and investor’s security, which will in the future contribute to their economic growth.
Conclusion
To conclude, Colombia’s recent economic problems such as income inequality, as well as investment security have prevent them to greater economic growth.

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