A member of the OECD since 2018, Colombia is a CIVETS country, a group of six emerging market economies lauded for a sophisticated financial system, controlled inflation, an increasing population of young people, diversified exports, and growing foreign direct investment. Known as the most business-friendly country in Latin America, it has a Westernized culture and is geographically close to the United States.
Talent Pool & Education
Colombia has doubled its number of tech graduates in the past decade and grown its IT industry by 38% in the past five years, and now boasts the fourth-largest tech sector in the region. To foster continued growth, the government is investing $6.5 billion into science, technology, and innovation over the four years to 2022, with one endeavour – Mission MinTIC (Ministry of Information Technology and Communications) – aiming to train 100,000 programmers and developers throughout the nation.
Both Spanish and English are widely spoken.
Thanks to its market size, the extent of its natural resources, including coffee, emeralds, oil and coal, and a historical reputation as an exemplary debtor, Colombia has experienced stable and solid growth for most of the past two decades. However, mainly due to measures to combat COVID-19, its GDP decreased by 6.8% in 2020 mainly. The country’s economic performance is predicted to pick up through to the end of 2022 with IMF forecasts of 5.2% GDP growth in 2021 and 3.6% in 2022, subject to the post-pandemic global economic recovery.
The government is credited with a sizable fiscal stimulus package to help mitigate the impact of the pandemic. The upcoming presidential election in May 2022 will bring more certainty as to the country’s future direction. The populist leftist candidate Gustavo Petro is favored but the ballot is shaping up to be diverse.