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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Colombia GDP Growth Rate (1961–2023)
Colombia’s GDP growth demonstrates a pattern of resilience and gradual development despite periods of volatility. The 1960s and 1970s were characterized by steady expansion, with growth peaking at 7.7% in 1972, supported by agricultural productivity and resource extraction. The 1980s saw fluctuations, with economic reforms and external debt crises affecting growth, which reached a low of -4.2% in 1999.
The early 2000s marked a gradual recovery, driven by improved security conditions and economic reforms, with growth reaching 6.9% in 2011. However, global oil price fluctuations led to slower growth in the mid-2010s. The COVID-19 pandemic caused a sharp decline of -7.2% in 2020, followed by a strong recovery, peaking at 10.8% in 2021, supported by fiscal stimuli and a rebound in domestic demand.
By 2023, growth moderated to 0.6%, reflecting global economic challenges, tighter monetary policies, and reduced external demand for Colombia’s exports.
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