WTO releases review of trade policies and practices of Colombia, slowdown expected
During the review period, between the beginning of 2012 and the end of 2017, Colombia's GDP grew at an averageannual rate of 3.3%.
This is the fifth review of the trade policies and practices of Colombia. During the review period, between the beginning of 2012 and the end of 2017, Colombia's GDP grew at an averageannual rate of 3.3%, driven chiefly by domestic demand.
Having reached annual ratesexceeding 4% in 2012-2014, this growth subsided somewhat starting in 2015. In 2017, GDP is estimated to have grown by 1.8%.
This slowdown was the result of a decrease in exports,particularly oil and other raw materials, and a slower growth in domestic demand.
Growth is expected to pick up in 2018.
In order to stimulate the economy, the authorities have launched an economic reform programme, which includes tax incentives, reductions in tariffs and other taxes,changes in the investment regime, and increased investment in infrastructure.
Although the prospects for economic growth and inflation are favourable, a number of structural problems stillpose a significant challenge, including the need to continue promoting diversification of theeconomy and reducing poverty.