This latest report, from UK think tank the Legatum Institute looks at the extent Colombia has the fundamental characteristics of open economies.
This report explores the extent to which Colombia has the fundamental characteristics of open economies, and where the opportunities lie for further development. It reveals that Colombia’s overall rank in the Global Index of Economic Openness is 72nd in the world, and 8th in Latin America. The report highlights how Colombia has made significant progress over the past decade in opening up its economy, with an increase in per capita income and a reduction in poverty. It has actively sought to encourage foreign investment into the country and has developed a relatively mature Public-Private Partnerships framework. The country has also signed trade agreements with several of the world’s major economies and is one of only three Latin American countries to join the OECD. Combined with its geographical location with ports on both the Atlantic and Pacific coasts, Colombia is well placed to become a regional trade hub. While the coronavirus pandemic has brought much global economic activity to a halt, trade between countries, regions, and communities will be fundamental to the advance of the innovation, knowledge-transfer and productivity that is needed to create future economic growth and prosperity. Increasing its economic openness will be vital for Colombia’s success post-crisis, helping the country fulfill its potential as a regional leader and improve the lives of its citizens.Read Full Report