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Colombia - Current economic position and prospects (English)

Colombia, with respect to those aspects of economic policy and performance identified in that report as being of critical significance for Colombians future prospects. Against a background of long-term trends, the major financial and development policy issues facing Colombia in the next three to five years and their implications for Colombia's development prospects and external capital requirements in this period. Its principal conclusion was that if the quality of Colombia's response to problems continued to be as good in the previous two years, substantial external support of its accelerating development effort would be warranted. The 1969 economic mission, examining the implications of the recent increases in coffee prices and the modifications in Colombia's development program now emerging, found nothing which would alter this conclusion. Whether higher growth rates can be achieved over the longer run will depend on the ability of the Government to exploit the benefits of the coffee boom so as to improve the basis for long term economic growth irrespective of the vagaries of the coffee market, and of course on Colombia's contouring ability to maintain long term external loan disbursements at levels consistent with growth targets on the one hand, and creditworthiness considerations on the other. After growing at a rate of 4.4 percent in real terms during the three years 1965-67 Colombia's gross domestic product rose by 5-5 percent in 1968. Preliminary estimates indicate a real growth of 6.5 percent in 1969, which would raise the 1965-69 average to 5.0 percent, With the recent sharp improvement experienced in world coffee prices Colombia may achieve 7.5 percent real growth in 1970.

Details

  • Document Date

    1970/02/28

  • Document Type

    Pre-2003 Economic or Sector Report

  • Report Number

    WH197

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Colombia,

  • Region

    Latin America & Caribbean,

  • Disclosure Date

    2010/06/12

  • Disclosure Status

    Disclosed

  • Doc Name

    Colombia - Current economic position and prospects

  • Keywords

    ratio of debt service to export;coffee price;high growth rate;debt service ratio;fresh water fish;return on investment;current account surplus;external public debt;country of destination;allocation of credit;increase in prices;real public investment;agriculture and industry;errors and omission;inflow of capital;foreign commercial bank;clearing of forests;agricultural credit bank;net domestic assets;central government's budget;foreign agricultural service;water and sewerage;income tax revenue;consumer price index;central government investment;rate of inflation;agriculture and livestock;currency in circulation;central government revenue;economic growth rate;local development purpose;source income;coffee growing area;balance of payment;lines of responsibility;source of income;external capital requirement;personal income tax;central government budget;capital consumption allowance;long term development;revaluation of asset;target growth rate;development of tourism;private exporter;foreign exchange;coffee grower;Economic Policy;external borrowing;coffee policy;coffee sector;current expenditure;Exchange Rates;Public Utilities;domestic investment;real growth;world price;investment budget;industrial product;industrial growth;external loan;domestic consumption;average price;private trader;counterpart fund;credit line;heavy reliance;public saving;raw material;internal debt;domestic price;consumer good;price control;loan disbursement;price stability;consumer goods;export industry;export incentive;external support;coffee market;gradual decline;coffee production;credit program;public revenue;export drive;total output;money supply;domestic saving;external credit;casual observer;public capital;agricultural output;merchandise export;cultivated land;corporate saving;development policy;storm damage;skilled personnel;custom duty;rainfall distribution;fiscal statistic;forest inspector;future prospect;financial datum;investment outlay;short-term fluctuation;quantity combination;Natural Resources;term deposits;radical change;tax measure;tax base;rural investment;external price;export earnings;private saving;crop year;import restriction;special account;commercial agriculture;Industrial Policies;Industrial Policy;debt information;national budget;rural population;cash value;industrial branch;subsistence farming;good policy;urban agricultural policy;foreign investor;grant credit;manufactured products;bilateral agreement;aid financing;discount facility;salary levels;relative price;gross sale;monetary program;demand deposit;industrial investment;employment policy;external assistance;external financing;industrial enterprise;Employment Policies;repayment schedule;foreign creditor;policy regard;storage capacity;capital contribution;production incentive;asset revaluation;small industry;financial arrangement;export performance;improved information;intermediate product;debt balance;tax legislation;program loans;external indebtedness;industrial employment;tax liability;price policy;black bean;administrative procedure;foreign affair;economic climate;import finance;extension service;import capacity;fixed investment;investment operation;rural area;capital formation;national account;Job Creation;fiscal action;increased revenue;monetary policy;home market;exchange earnings;international reserve;drought conditions;aquatic fauna;bond issue;additional revenue;financial gap;industrial activity;income accruing;constant value;savings deposit;industrial sector;equity capital;alternative development;domestic borrowing;productive investment;agricultural activity;market rate;export value;direct consumption;utility tariff;Tax Reform;relief measure;local enterprise;export market;important policy;local situation;domestic industry;

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Citation

Colombia - Current economic position and prospects (English). Western hemisphere (South America) series ; no. WH 197 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/945891468240309856/Colombia-Current-economic-position-and-prospects