This paper discusses Colombia Third Review Under the Stand-By Arrangement (SBA) and Request for Waiver of Nonobservance of Performance Criterion. Under the authorities’ program, economic performance has improved considerably. Real GDP rose by 3.7 percent in 2003 and 3.8 percent in the first...

The program made good progress toward creating the conditions for faster sustained growth over the medium term. The economic policies aim to preserve the program's macroeconomic framework. Fiscal policy is expected to stay on a sustainable path. The central bank has been successful in achieving...

The quality of the macroeconomic statistics is generally high, broadly conforming to international standards for compilation and dissemination, although coverage of illicit activities is poor. Executive Directors suggest reviewing the legal framework for statistical activity, including...

This paper quantifies the dynamic effects of fiscal policy using a structural model, the Global Integrated Monetary and Fiscal Model (GIMF). The analysis finds that success of fiscal policy in enhancing macroeconomic stability depends on the type of shock, the response of monetary policy, and...

Colombia’s economic performance has been strong, aided by sound economic policies. Structural reforms and prudent macroeconomic policy management has contributed to higher economic growth and lower inflation. Executive Directors commended the economic strategy, which has increased economic...

The economy has performed strongly. The government has lowered the target for the combined public sector deficit. The prospects for sustained growth over the medium term are favorable, in view of the robust growth in nonresidential investment and exports. Fiscal policy will remain on a...

This paper discusses key findings of the First Review Under the Stand-By Arrangement for Colombia. The economy is expected to continue to perform well in 2005. Real GDP is expected to grow by 4 percent, with consumer prices rising by 5 percent, as targeted. The external current account deficit...

This paper discusses Colombia’s 2005 Article IV Consultation, Fourth Review Under the Stand-By Arrangement (SBA), and Requests for Waiver of Nonobservance of Performance Criteria. Real economic growth in Colombia recovered to 4 percent a year in 2003–04. The national unemployment rate...

This Selected Issues paper examines conditions in Colombian labor markets, which present a big challenge to the country. At end-2004, the unemployment rate amounted to 12 percent, and about one-third of the labor force was considered underemployed. The paper reviews labor market developments...