Amidst Colombia’s economic growth, experts fear some global risks

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Colombia saw an increase in the country’s GDP growth rate by 5.7 per cent in the third quarter of 2021, but the country saw a rise in the GDP rate by 13.2 per cent in the year 2020. This vast difference in the different fiscal years caused worry to the global experts. However, the Colombian market still emerged strongly from all sorts of unrest and other types of marketing risks.

The tax-free days are also helping with the economic recovery, and people are devising new ways to earn money. People from the region resort to governmental social programs to set up their lives on track. Amid this financial situation, a few people still like to spend their time entertaining themselves by playing games at online sites such as NetBet online casino. Colombians are also fond of playing games like soccer, basketball, and their official sport Tejo.

Fiscal Position in Colombia in 2021

The manufacturing and retail sectors in Colombia recorded the highest financial growth and helped the country’s economy to stabilize big time. However, many questions are posed by the experts, like what the Colombian government is doing? Which sectors is the country going to target next in the fiscal period? Which sectors will perform well next year, and how to work out on the sectors already running in the losses?

In 2021, many social unrests have already taken place, affecting the economy somewhere. The farmers are up against the mining companies who are causing irreparable losses in the big terrains where otherwise agriculture takes place. However, the farmers have emerged victorious but still; a few parts are watching the economic tensions.

The American analyst has given a verdict that the opening of many businesses in the region has given a ray of hope to the country’s economic position. The retail and manufacturing industries have showcased a huge recovery from the financial crisis. The normalized production and recovery of the oil prices helped the economy stabilize greatly. Moreover, the country’s financial experts are also working on macroeconomic policy frameworks to make the country’s fiscal position strong.

The flexible exchange rate and tax-free shopping are helping to curb the inflation trend to some extent in the country. Hence, the financial advisors have devised the medium-term fiscal framework for the country’s growth.

Risk Analysis and Growth in Colombia

The retail, extractive industries, and service industries are the newly formed pillars of Colombia that are helping the country to come out of the crisis caused due to social unrest. These sectors have contributed vastly to the 2021 financial growth. Even this made the government record an increase of 6 per cent to 8.5 per cent from these sectors.

Moreover, the economic contributor is the Colombian Airline LATAM which has also has started its operations on the new routes. Now, the country’s flights are operating on 32 new routes outside the country. It has added a growth of 135 per cent in the country’s economic capital. There will be daily and weekly flights to some places from Colombia. LATAM has also added three Airbus A320 aircraft to the fleet to support its domestic airways network growth.

Other than these production and service industries, the country is recovering and working to keep nab on the inflammation. The policymakers are now looking forward to increasing the growth activities in the coming months of 2022. Although the unemployment rate also splurged during the first quarters of 2021, in 2020, the country made a comeback by dropping the rate to 11 per cent. Colombia is coming back on track because of its support and improvement in fiscal policies.

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