Colombia

In 1999 the Colombian economy experienced its deepest recession of the entire twentieth century. A drastic adjustment of private-sector spending in the wake of the international financial crisis led to a 4.5% drop in gross domestic product (GDP) and pushed unemployment up to 20% in urban areas. As capital flows reversed direction, an adjustment had to be made in the current account, and it took the form of devaluation and recession. The magnitude of the external adjustment amounted to 4% of GDP, while inflation registered its lowest rate in 30 years (9.2%).

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions