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Colombia - Recent economic developments and prospects (English)

The Colombian economy has developed at a rapid pace since world war second. Aided by favorable natural resources and, until recently, by steadily increasing export earnings, the country was able to maintain a relatively high level of investment in both the private and public sector. A large part of government investment was devoted to improvements in transportation. These efforts, with the help of substantial external loans, are resulting in the emergence of Colombia as an integrated economy. This has been an important inducement for the expansion of manufacturing industry. On the other hand, progress in agriculture has tended to be slow and production has barely kept up with population increase. Colombia's economic development, which has proceeded with rapid strides since world war second, is enhanced by an unusually strong combination of favorable factors. Variety of different climates and coils, for instance, makes the country virtually self-sufficient in all basic foodstuffs. It has an abundant supply of water, coal, and hydroelectric potential. It has ample oil resources which have been developed to the point where Colombia, in addition to exporting crude oil, is self-sufficient in most petroleum products. Moreover, the country has an advanced entrepreneurial class able to exploit its resources.

Details

  • Document Date

    1958/07/31

  • Document Type

    Pre-2003 Economic or Sector Report

  • Report Number

    WH75

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Colombia,

  • Region

    Latin America & Caribbean,

  • Disclosure Date

    2010/06/12

  • Disclosure Status

    Disclosed

  • Doc Name

    Colombia - Recent economic developments and prospects

  • Keywords

    reduction in government expenditure;level of government expenditure;foreign exchange resource;balance of payment;export earning;export earnings;foreign exchange payment;capital goods import;debt service payment;gross national product;errors and omission;large-scale capital flight;Exchange rate policies;exchange rate policy;import tax;Foreign Exchange Reserve;foreign exchange system;general price level;private bank credit;tax on imports;source income;settlement of debt;export crude oil;foreign exchange receipts;foreign exchange debt;debt debt;external public debt;central government capital;amount of credit;debt repayment burden;source of income;refinance of loan;cost of import;domestic price level;increase in expenditure;foreign exchange transaction;foreign exchange certificate;government budget deficit;exchange rate adjustment;rate of growth;domestic inflationary pressures;construction and rehabilitation;rates of exchange;current account balance;agriculture and industry;accumulation of arrears;foreign exchange position;amortization of debt;commercial bank loan;consumer goods imports;import of product;purchase of goods;exchange rate change;total debt service;ratio of debt;availability of capital;credit contract;raw material;export tax;money supply;coffee price;Exchange Rates;credit policy;external credit;free market;debt amortization;government administration;agricultural machinery;manufacturing industry;export rate;Credit policies;fiscal position;domestic demand;monetary measure;transportation equipment;political instability;industrial plant;domestic stability;bearing interest;import rate;political condition;monetary policy;rediscount rate;Stabilization policies;credit expansion;oil company;subsequent years;sound financial;Fiscal policies;fiscal policy;foreign creditor;external borrowing;net export;long-term capital;external loan;population increase;expansionary effect;debt burden;petroleum product;export boom;coffee market;industrial credit;repayment obligation;Financial Stability;reserve requirement;import restriction;oil companies;existing debt;auction market;direct investment;industrial investment;public expenditure;amortization payment;trade balance;savings bank;current expenditure;Natural Resources;capital account;trade statistic;private individuals;foreign asset;exchange holding;payment agreement;charge transfer;import contract;security transaction;consumption expenditure;exchange payments;building material;payment transaction;short-term credit;exchange control;oil refinery;repayment schedule;economic stability;exchange earnings;credit arrangement;private capital;export product;steel work;import demand;import license;ample oil;industrial operation;construction material;industrial machinery;road transportation;hydroelectric potential;domestic instability;credit outstanding;agricultural sector;petroleum companies;external position;consumer import;consumer durable;financial situation;supplier credit;private loan;basic foodstuff;export volume;petroleum industry;geological condition;tax treatment;public health;conversion rate;principal source;department stores;freight payment;defense expenditure;official estimates;bank act;small farm;price index;domestic monetary;fixed rate;stock purchase;creditor country;agricultural production;inflationary financing;reducing expenditure;upward pressure;military construction;modern technology;export supply;monetary expansion;finished goods;domestic production;restrictive policy;stabilization effort;effective action;seasonal peaks;budget fund;mountain slope;price instability;real output;credit control;world market;rediscount quota;downward adjustment;capital transaction;mortgage bank;principal factor;cash payment;wholesale price;cash basis;stamp tax;government investment;Electric Power;financial resource;net payment;meat production;savings account;public revenue;productive purposes;public resource;agricultural loan;foreign supplier;increased imports;military government;national income

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Citation

Colombia - Recent economic developments and prospects (English). Western hemisphere (South America) series ; no. WH 75 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/248081468240309554/Colombia-Recent-economic-developments-and-prospects