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Colombia - Country economic memorandum : productivity, growth and sustained economic development (Inglês)

This report analyses economic developments in Colombia in the 1980s and reviews the prospects for vigorous and sustained economic growth in the 1990s and beyond. Particular attention is paid to the fiscal balance of the economy, the behaviour of private investment and the contribution of total factor productivity to growth. The report argues that it is only through improvements in productivity growth that Colombia will be able to overcome constraints imposed by the shortage of domestic and foreign savings and reach, and sustain, the level of economic growth necessary to reduce unemployment and alleviate poverty. The report reviews in detail the fiscal adjustment achieved so far and assesses the appropriate size of a sustainable fiscal deficit that is consistent with the government's desire of reducing interest rates and the current inflation rate to 20 - 22 by 1990. The report also examines several long term development issues critical to employment generation, poverty alleviation and sustained economic growth without inflation. The issue of the continued redirecting of development policies towards raising the efficiency of resource use is analyzed as the key component of economic growth and employment strategy in the next decade and beyond.

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