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Colombia - Current Issues & Historical Background (Hardcover, New)
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Colombia - Current Issues & Historical Background (Hardcover, New)
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Colombia is the third-most populous country in Latin America, after
Brazil and Mexico. It has a free market economy with major
commercial and investment ties to the United States. Transition
from a highly regulated economy has been underway for more than a
decade. Until 1997, Colombia had enjoyed a fairly stable economy.
The first 5 years of liberalisation were characterised by high
economic growth rates of between 4% and 5%. The Samper
administration (1994-98) emphasised social welfare policies which
targeted Colombia's lower income population. However, these reforms
led to higher government spending which increased the fiscal
deficit and public sector debt, the financing of which required
higher interest rates. An over-valued peso inherited from the
previous administration was maintained. The economy slowed, and by
1998 GDP growth was only 0.6%. In 1999, the country fell into its
first recession since the Great Depression. During the period
1988-96, the United States provided about $765 million in
assistance to Colombia. In 1999, U.S. assistance exceeded $200
million. This funding supported Colombia's counter-narcotics
efforts, such as arresting drug traffickers, seizing drugs and
illegal processing facilities, and eradicating coca and opium
poppy. This book offers a comprehensive presentation of current
issues in Colombia and presents an important analysis of the
country's historical background.
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