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123Independenceday » Economy

Economy of Colombia

An analysis of the prevalent economic conditions of Colombia gives you an idea of the different phases of industrialization that took place at different times. The economy of Colombia has achieved great heights in the recent few decades in spite of many political crises and turmoil which at times acted as hindrance to the positive growth of the country. In the pre-historic times, the then Colombian economy was entirely based on the mining of gold and agricultural production. Though agricultural productivity remains the main source of income for people living in the rural areas, efforts are made for development of private entrepreneurship in these areas in order to increase economic self sufficiency among all. The current per capita income of Colombia is $ 2,656 and has a GDP growth rate of 6.8% as per the census of 2006. Colombia has four major industrial divisions--Bogota, Medellin, Cali and Barranquilla.

Agriculture and Natural Resources of Colombia---

Production of various agricultural products coupled together with economic reforms has established the Colombian economy as one of the fastest growing economy of South America. Colombia follows a laissez-faire economy with major industrial collaborations with U.S.A. Statistics indicate that only 2% of the land in Colombia is cultivable.

Hence, stress is more on the multi crop farming in those areas where there's suitable climate and favorable topographical conditions. Major agricultural products include--- cocoa, sugarcane, coconuts, bananas, pineapples, wheat, barley, potatoes, maize and poultry products. Due to liberalized economy initiated towards the last quarter of 20th century, it led to higher industrial growth at the rate of 5% per year. Major earnings however came from the export of natural resources like oil, petroleum, gold and silver. The rich deposits of gasoline were also an added advantage in this regard. The major turning point came in the mid-90 when efforts were made to generate hydro-electric power which has bore great fruits subsequently.

Trade and Business of Colombia---

Under the able leadership of CÚsar Gaviria Trujillo various liberalized economic policies were initiated by the government. These measures of reform led to rapid phase of industrialization and saw an increase in per capita income of the people. However, this quick substantial rise suffered a great setback with the recession of 'Great Depression' in 1999 which rocked the country and widely affected the fiscal growth of Colombia. Towards the earlier part of 21st century, the country was on its way to economic recovery and the ascension still continues today. Major industries of Colombia include-- textiles, food processing, petroleum, beverages and chemicals. Business and trade collaborations with neighboring countries and other countries like Australia, China,South- Africa, Russia and parts of Asia and Europe has also significantly increased its earnings followed by direct foreign investment from U.S.A, Japan and Venezuela.

Thus, economy of Colombia has seen a positive growth and continues to play dominating role in the development of Latin American countries.


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