Another country that is growing their economy at rapid pace is Colombia. Colombia is located on the North West edge of South America. This country shares borders with the Caribbean Sea and the Pacific Ocean. The climate is that of other local countries positioned along the equator which is very tropical. With a population topping 46 million, they have an official language of Spanish and 90% of their population follows the Roman Catholic religion. (CIA) Year after year their economy is improving and on the right path to continuing their growth.
Year after year their economy is steadily growing and they are making an impact all the way down in South America. Currently, they rank 32nd in the world for their economy. (CIA) Part of this is due to their extremely low unemployment rank, which recently fell to 8.8%. There was also a job increase of 156,000 when compared to the previous year. (Colombia reports) Heritage.com, a website who produces country’s economic rankings, projects Colombia’s ‘country score’ increasing year after year from a 68 to a 72, out of a possible 100, from 2011 to 2015. (heritage) It is safe to say that the economy is booming and there are a few reasons why.
Petroleum is the main export of Colombia, accounting for over 45% of it. The world has a high need for petroleum and it is only continuing to grow. (Wikipedia) Colombia also ranks 2nd in the largest producer of domestic electronics and appliance in Latin America, falling short to Mexico. (Wikipedia) But, their biggest growth does not come from either of their two power houses. Growth in the past year has been mainly driven by giants in the sectors of construction (17.2%), services (6.3%) and agriculture (6.1%). (curacaochronicle) Colombia is heading down the right path to be Latin America’s top economy.
There are a variety of factors that contribute to the overall success of the economy of Colombia. Additionally, I believe that Spanish being their official language, and how it is so widely used throughout the world, plays a role in conducting business also. No having as much as a language barrier may open up more possibilities. The unemployment rate is down and the economy growth of jobs, exports, construction, and more are going up. Colombia’s economy is continually improving year after year and will hopefully continue that route in the future.
References
CIA. (n.d.). The World Factbook. Retrieved October 19, 2015, from https://www.cia.gov/library/publications/the-world-factbook/geos/co.html
Damsgaard, N. (2014, June 27). Colombia’s unemployment rate lowest in 14 years: govt. Retrieved from http://colombiareports.com/156000-jobs-created-may-colombias-national-statistics-agency/
Edition. (2014, July 22). Colombian economy grows 6.4 percent, follows China as fastest growing country – Curaçao Chronicle. Retrieved from http://curacaochronicle.com/region/colombian-economy-grows-6-4-percent-follows-china-as-fastest-growing-country/
Heritage. (n.d.). Colombia Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. Retrieved October 19, 2015, from http://www.heritage.org/index/country/colombia
Wikipedia. (n.d.). Economy of Colombia – Wikipedia, the free encyclopedia. Retrieved October 19, 2015, from https://en.wikipedia.org/wiki/Economy_of_Colombia