Thursday, March 23, 2023

Colombia’s economic growth is above the world average: Duque

On the rise in unemployment in 2019, the president attributed it to the migration crisis facing the country due to the arrival of Venezuelans.

Despite the increase in unemployment in Colombia, which stands at 10.5%, President Iván Duque is positive against the economic situation of the country and said that Colombia is recovering and today has very good figures in economic terms.

President Iván Duque in an interview with La Republica on Colombia’s economy

“Today after 18 months, we find that the Colombian economy is expected to grow above 3%, that is important,” said the president in an interview for La República.

Duque recalled that his main objective upon reaching the Presidency was to reactivate the economy and thereby boost investment in the country. “Today’s investment is tomorrow’s growth, if one sees the balance of 2019 foreign investment grew by more than 19% and Colombia increased revenue by almost 10%, a figure that was not seen for many years.”

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The president said that Colombia’s growth is above the regional average, the world average and the OECD. “Colombia is growing but at the same time reducing its fiscal deficit, which is the smallest of the last six years.”

After highlighting the growth in the economy, the head of state ruled on the increase in unemployment, which again stood at two figures and, according to economic analysts, it is very difficult for it to fall back to one figure.

Duque attributed the growth to several aspects, the most important being the migration crisis that the country is experiencing due to the arrival of thousands of Venezuelans in the last three years.

“The migration shock is very large and that generates an effect, the interesting thing is that despite this migration crisis and losing the most important inter-regional market (Venezuela), the economy is growing,” he added.

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