Abstract
Between 2002 and 2015, Colombia entered into a stage of accelerated economic growth. The driver behind such economic expansion was the improvement in security, which paved the way for investment. The high growth rates for that period were caused by an increase in the input factors rather than by the productivity. In fact, productivity has consistently declined throughout the twenty-first century, which is associated with the informal economy.
The high proportion of informal companies observed in Colombia is a result of the heavy tax burden, which means to take part in the formal economy. Firms’ maturity process is significantly affected in a way that they remain small, and without access to financial services, which prevents them from fully exploiting the possibilities that ICTs offer.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Source: National Productivity Council, p. 19.
References
Eslava, M., Garcia, G., Hurtado, B., & Pinzon, A. (2017). Baja Productividad en Colombia: ¿Un asunto de empresas o de mercado? Consejo Privado de Competitividad and Universidad de los Andes.
Global Financial Data Finaeon. (n.d.). Global Financial Data Database and Indices. Retrieved from http://www.globalfinancialdata.com/
Maddison Project Database, Version 2018. Bolt, Jutta, Robert Inklaar, Herman de Jong and Jan Luiten van Zanden. (2018). Rebasing ‘Maddison’: New Income Comparisons and the Shape of Long-Run Economic Development. Retrieved from https://www.rug.nl/ggdc/historicaldevelopment/maddison/releases/maddison-project-database-2018
Ocampo, J. (2015). Historia Económica de Colombia. Bogota: Fondo de Cultura Económica.
Prados de la Escosura, L. (2007). Inequality and Poverty in Latin America: A Long-Run Exploration. In T. Hatton, K. O’Rourke, & A. Taylor (Eds.), The New Comparative Economic History. Essays in Honor of Jeffrey G. Williamson. Cambridge, MA: The MIT Press.
The Conference Board. (n.d.). The Total Economy Database (TED). Byrne and Corrado (2016). ICT Asset Prices: Marshaling Evidence into New Measures. EPWP #16-6. Retrieved from https://www.conference-board.org/data/economydatabase/
World Bank, Global Development Data. (n.d.). Retrieved from https://data.worldbank.org/
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2019 The Author(s)
About this chapter
Cite this chapter
Luzardo-Luna, I. (2019). Commodities-Driven Growth, 2001–2018: The Colombian Miracle. In: Colombia’s Slow Economic Growth. Palgrave Studies in Economic History. Palgrave Pivot, Cham. https://doi.org/10.1007/978-3-030-25755-2_7
Download citation
DOI: https://doi.org/10.1007/978-3-030-25755-2_7
Published:
Publisher Name: Palgrave Pivot, Cham
Print ISBN: 978-3-030-25754-5
Online ISBN: 978-3-030-25755-2
eBook Packages: Economics and FinanceEconomics and Finance (R0)