Colombia

Colombia’s economic growth rate climbed to slightly over 4% in 1990. This enabled the country to expand its per capita gross domestic product for the seventh year in a row, in spite of the violence unleashed by drug traffickers and guerilla fighters. As a result, per capita gdp was 17% higher than it had been a decade ago. The external sector’s strong performance was reflected in a US$630 million increase in Colombia’s net international reserves. Even though international coffee prices remained, on average, below US$1 per pound, exports were up sharply once again, and this played a key role in widening the country’s surplus on the balance-of-payments current account. Inflation, however, also continued to rise, climbing to an annual rate of nearly 33%, which was the highest to be recorded since 1963. Exchange rate policy, which pushed up the real exchange rate by 17%, was the main source of inflationary pressure, since the fiscal deficit gradually dwindled until, by the end of the year, it had given way to a surplus, and monetary aggregates grew more slowly than in 1989. The authorities also proceeded with the implementation of structural reforms, primarily in the fields of external trade and labour.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions