Colombia President Juan Manuel Santos on Thursday reiterated his government’s aims to turn Colombia into a developed country.
In the annual government review, the president, accompanied by Finance Minister Mauricio Cardenas, outlined the importance of economic growth, tax reform and a strong fiscal situation.
Cardenas said that “a developed country is a modern country with a booming economy that allows all Colombians to improve their living conditions.”
The finance minister was also quick to point out that since the beginning of the administration in 2010, the country’s economy has seen an average yearly growth of 4.9%, which he said was the third highest in South America.
Cardenas also explained how the country’s tax reforms had led to a more prosperous living situation for the poor by drawing more heavily on the rich. He added that Colombians earning less than COP $2,000 a month were now exempt from income tax, while those earning more than roughly COP $5,000 were subject to an increased tax rate.
The Colombian administration said employment is key to improving the country’s financial situation; Cardenas told the audience that employment was “perhaps the most important target in achieving economic success.”
Colombia has recently celebrated an all time low percentage of unemployment, measuring 9.2% in June.