Colombia has continued as one of the world’s fastest growing economies, according to Spanish bank BBVA.
Colombia has now joined Argentina, Chile, Peru, the Philippines and South Africa as a country that will lead global economic growth in the coming decades, according to a study by BBVA.
“According to our projections, the emerging countries will contribute more than 85% of global growth over the next 10 years and trade will be key to that growth,” said Juana Tellez, BBVA’s chief economist.
“The country registered a trend in growth that accelerated in the last 12 years. It has been registering a healthy growth in investment and private consumption and investment flows, meaning an increase from 14% of GDP in 2000 to 28% in 2012,” said Tellez.
“Colombia can be counted within the positive surprises in Latin America […] if it consolidates the progress achieved in recent years,” said Jorge Sicilia, another economist at BBVA.
In 2011 the Colombian economy grew by 5.9% compared to 2010, indicating its best performance in four years. For 2012, the government expects GDP to grow by another 4.8%.