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.
Foreign investment in Colombia reached more than $11.8 billion already this year, representing a growth of 20.39% from the same period in 2011.
“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.
According to Tellez, Colombia is experiencing an “economic opening with the recent signing of free trade agreements,” which it has finalized with the U.S., EU and South Korea earlier this year.
“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%.