The Republic of Columbia is one of the countries on the Northwestern coast of South America (Altug, Chadha & Nolan, 2003, p. 23). Columbia is a unitary country and a republic by the constitution with 32 government departments. According to the report released by the Federal Bureau of Statistics, the Colombian population had risen by about 46.6 million people in 2013 (Altug, Chadha & Nolan, 2003, p. 23). Out of the recorded figures, the country’s unemployment rate stood at 10.4 percent with the majority of the working population found within the industrial sectors (Altug, Chadha & Nolan, 2003, p. 23). In late 2013, the Colombian real GDP stood at $502.9 with an economic growth index of 4.0 percent, a five-year compound annual growth. With such an improvement in economic growth compared to the previous year’s 3.76 percent, Columbia has an improved per capita income of $10,792 billion, which includes $15.8 billion Foreign Direct Investment (Altug, Chadha & Nolan, 2003, p. 25).
Columbia’s economy operates under the general policy of trade freedom, national fiscal freedom, and investment freedom. This economic platform has enabled the country to advance in its economic performance and today it has counted as the third-largest economy in South and Central America. The economic progress for Columbia is well demonstrated with the help of an economic trend freedom curve as shown below.
From a historical perspective, the Columbia government has made it possible for investment within the region to take place by enhancing economic freedom with a score of 6.2 points within a period of 20 years (Kraemer, 1987, p. 44). Some of the issues attached to economic freedom include trade freedom, freedom in labor participation, national freedom from corruption, and freedom of economic integration. The 2013 statistics revealed that in comparison, the Columbian global economic injection is 60.3 percent on average while the country’s regional economic injection is 59.7 percent (Kraemer, 1987, p. 44). At present Columbia is working on a platform of freedom and inclusive economic participation.
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Altug, S., Chadha, J. S., & Nolan, C. (2003). Dynamic macroeconomic analysis: Theory and policy in general equilibrium. Cambridge [u.a.: Cambridge Univ. Press. http://books.google.co.ke/url?id=_onaA7Emer8C&pg=PR10&q=http://www.worldcat.org/oclc/249291548&clientid=librarylink&usg=AFQjCNE5UaSJPWmrkLU-p98L0N5zMWrLuQ&source=gbs_buy_r
Kraemer, K. L. (1987). Datawars: The politics of modeling in Federal policymaking. New York: Columbia University Press. http://books.google.co.ke/url?id=x8AHtB_qDM0C&pg=PA161&q=http://www.worldcat.org/oclc/14588682&clientid=librarylink&usg=AFQjCNFR-9iSAorcnytFN1HocOq519bVVQ&source=gbs_buy_