Colombia's President calls for 7% economic growth by 2021

Colombia's President calls for 7% economic growth by 2021

GC EFE
GC EFE

Photo: Forbes Colombia


Although the Finance Ministry's estimate is for the economy to grow at least 6% in 2021, Duque said this weekend that it could be higher. 

In line with the greater optimism that think tanks and international organizations are seeing for the growth of the Colombian economy this year, President Iván Duque raised official expectations for 2021.

The President affirmed Colombia is moving towards achieving the highest economic growth this year so far this century and asked not to discuss whether it is 7.1, 7.2, or 7.3 percent. He asked his compatriots to work for the economy to grow above 7% in 2021 and to be the force of the reactivation of employment.

He made the statement after the World Bank, last week, raised its estimates for the economy's growth to 7.7%, after saying in the past months that the increase could be 5.9%. And this was also added by other agencies such as Moody's, which maintained the investment grade for Colombia.

It should be recalled that the Colombian economy has shown, in the GDP performance reports in the first and second quarters, results higher than those projected by analysts.

Only in the second quarter, which was characterized by another wave of contagions and almost two months of protests and blockades in several parts of the country, the economy rebounded by 17.6%. And in the first quarter, the increase was positive for the first time since the pandemic began, 1.1%.

In this scenario, Duque's statement is in line with the positive signs shown by the Colombian economy. The head of state said that, during the three years of government, ProColombia has supported 598 investment projects for US$25.4 billion, a figure that represents an increase of 196% over the previous three years and in which, according to investors, the creation of over 265,000 new jobs in 111 municipalities in 25 departments of the country is estimated.

The president added that, according to an economic newspaper, Colombia's attractiveness is more dynamic than portfolio investments from other Latin American countries, where there is uncertainty because of the pressures of 21st-century socialism, are leaving and to want to come to this country because of Colombia's stability.


Source: Forbes staff. (10 de octubre de 2021). ‘Vamos a trabajar para que la economía crezca 7% este año’: Iván Duque. 12 de octubre de 2021, de Forbes Colombia Sitio web: https://forbes.co/2021/10/10/economia-y-finanzas/vamos-a-trabajar-para-que-la-economia-crezca-7-este-ano-ivan-duque/

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