The Business Year: Colombia 2024

Book excerpt: Colombia was expected to grow at a strong rate after bouncing back from the COVID-19 pandemic. However, the country’s GDP only grew 1% during 2023, according to the National Administrative Department of Statistics (DANE), and during the third quarter of the year it decreased by 0.3%. Inflation reached a peak of 13.34% in March 2023 yet had dropped to 8.35% by February 2024. The outlook and general feel of the economy has revolved around uncertainty since the election of Gustavo Petro, yet the country has achieved notable milestones of late, including the implementation of tax reform, progress in energy transition, and the re-vitalization of key sectors such as tourism. Through this over 100-page publication, The Business Year invites you to explore how Colombia’s business landscape, despite challenges, has demonstrated resilience through technology and the application of sustainability-focused tools. It features interviews with leaders from every major sector of the economy and a range of articles and analysis.