Project 2.docx - Colombia Economy Colombias economy is...

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Colombia Economy: Colombia’s economy is heavily relied on oil, mining, tourism, and increasement of labor migration since the 20th century. According to CIA World Factbook, Columbia heavily depends on energy and mining exports, making it vulnerable to fluctuations in commodity prices. Colombia is Latin America’s fourth largest oil producer and the world’s fourth largest coal producer, third largest coffee exporter, and second largest cut flowers exporter. Colombia’s economic development is hampered by inadequate infrastructure, poverty, narcotrafficking, and an uncertain security situation, in addition to dependence on primary commodities (goods that have little value-added from processing or labor inputs). (CIA) Colombia’s economy declined in 2017 because of falling market prices for oil and its production due to insurgent attacks on pipeline infrastructure. In result of that, Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US- Colombia FTA went into effect in May 2012. Colombia is a founding member of the Pacific Alliance—a regional trade block formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. The Colombian government took steps in 2017 to address several bilateral trade irritants with the US, including those on truck scrappage, distilled spirits, pharmaceuticals, ethanol imports, and labor rights. Colombia hopes to accede to the Organization for Economic Cooperation and Development (CIA). Culture: Colombia is a country rich in diversity, it is made up of mestizo 58%, white 20%, mulatto 14%, black 4%, mixed black-Amerindian 3%, Amerindian 1%. The main religion of Colombia is roman catholic which makes up for 90%. The official language is spanish and their culture is
enriched with diversification.

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