TODAY COLOMBIA – Colombia’s economic freedom score is 70.7, making its economy the 34th freest in the 2014 Index of Economic Freedom. Its overall score is 1.1 points higher than last year, reflecting improvements in trade freedom, investment freedom, and fiscal freedom. Colombia has advanced to 3rd out of 29 countries in the South and Central America/Caribbean region.
Over the 20-year history of the Index, Colombia has improved its economic freedom score by 6.2 points. Score increases have been achieved in seven of the 10 economic freedoms, notably trade freedom, monetary freedom, labor freedom, and freedom from corruption, the scores for which have improved by over 10 points. Achieving its highest economic freedom score ever in the 2014 Index, Colombia has become a “mostly free” economy for the first time.
Recent reforms have put greater emphasis on improving regulatory efficiency and enhancing financial-sector competitiveness. More important, continued reform efforts are needed to solidify the foundations of economic freedom and ensure vibrant economic development. The judicial system remains inefficient and vulnerable to political interference, and corruption, perceived as widespread, remains a cause for concern.
