It is important to note that 48 million Colombians have created one of the largest economies in the world; the second largest in South America after Brazil.
Colombia has the most ideal geographical positioning in the Western hemisphere, an important, yet little noticed attribute that is sure to play a key role in Colombia’s new emerging economic vitality in the global market; as it is situated halfway between New York and Sao Paolo, or between London and Sidney, or between Tokyo/Beijing and Cape Town.
More notable still is the fact that Colombia is the only major Latin American economy to have had continuous GDP growth for over 70 years.
Some facts about the Colombian economy:
- Colombia, under strong support from the United States and other developed countries is in the process of obtaining the important recognition as a fully developed nation, as determined by the Organization for Economic Cooperation and Development (OECD).
- In 2013, Colombia outpaced every nation in Latin America both in GDP (PPP) growth of 4.5% (5.1% in the last quarter) and in Direct Foreign Investment.
- The vitality of the Colombian economy is evidenced by recent Free Trade Agreements (FTAs) that have been entered into with the nations such as the United States, S. Korea, Canada, Switzerland, Norway, Iceland, Lichtenstein, Mexico, Chile, Guatemala, Honduras and El Salvador. Another FTA with the European Union is expected to be implemented within 2013, while other FTAs with Israel, Japan, Turkey, and Panama are well on their way.
- In 2012 it was estimated that Colombia had a real GDP (PPP) purchasing power of over $500 billion USD (and over $370 billion USD, at the official exchange rate), making it the second largest economy in South America, after Brazil.
- Different from other emerging economies and most Latin American nations, Colombia has enjoyed a very stable inflation rate that has hovered around 3% over many years.
- The Colombian economy, already ranking as the 27th largest economy in the world in 2014, is expected to be one of the fastest growing economies for at least the next 25 years.
- The thriving Colombian banking system is the envy of the region. Banks have successfully shielded the Colombian economy from money laundering and corruption, outperforming the other major Western banks that have recently been embroiled in various corruption scandals. And while other nations close banks, new ones continue to open in Colombia.
Leading the way has been Colombia’s political and financial capital, Bogota, where despite its own foibles; a highly educated workforce and professional business population have managed to safeguard Colombia from the capricious money policies, ardent corruption and histories of dictatorial governments that have impacted all other Latin American nations.
Bogota – A History of Financial Prowess
Though still much underestimated and underreported by the international business media, due to the city’s recent years of obscurity, Bogota is actually one of the oldest and most successful financial centers in the world.
Dating back to the pre-Columbian period, Bogota, or as it was previously called, Bacata, was already the most developed center of trade and commerce in the Americas. The Chibchan Empire, but more importantly, its local Muisca nation was the key-holder to the factual gold treasures of the land of El Dorado.