Business Dynamics: Colombia

January 2022

Colombia has recorded a worsening business freedom ranking, owing to a heavy tax burden and prevailing corruption. Dealing with legal issues is becoming more straightforward for businesses; however, judicial independence and quality remains insufficient. A well-developed financial system continues to be a key competitive advantage of the country, providing good access to credit and other financial instruments. The Colombian labour market suffers from skill shortages due to poor higher education

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Overview:

The Country Briefings series examine market potential, economic and consumer trends impacting each country and how they are set to change.

Each Country Briefing covers one of these topics:

Economy, Finance and Trade: Understanding the structure, health and potential risks of an economy are important for decision-making within an existing operating environment as well as for expansion strategies. Real GDP growth, inflation and exchange rate fluctuations will directly impact consumer market potential. Import and export trade profiles help gauge how open an economy is to trade and investment, while analysis of government finances can be used to explore macroeconomic stability and susceptibility to economic shocks.

Income and Expenditure: Insights into income, wealth and expenditure of consumers are vital in helping businesses make strategic decisions with regards to which country (or even which region within a country) to enter, which consumer segment to target, which products or services to market, and at which price point. Other factors such as the size and expansion of the middle class and income inequality are also important in helping companies gauge the potential of a country market.

Households: Global shifts in gender, ageing, migration and housing are transforming the size, location,  general make-up as well as income and expenditure of households around the globe, with diverse implications for governments and companies. Households insights can help identify the decision-making processes and consumption tastes of different household groups and types within a country, and assess household appliance and digital readiness that is key for formulating market technology and internet strategies.

Business Dynamics: A stable and competitive business environment is vital to operate efficiently and attract inward investment. Businesses can assess these factors alongside challenges such as corruption, political instability and terrorism, also gain insight into business operating environment and make strategic investment decisions. Transport infrastructure, ICT readiness and labour force dynamics will also identify potential issues with a supply chain and the level of workforce skills.

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The briefings cover 103 countries and identify topics of crucial interest to planners, marketers and researchers.

Business Dynamics: Colombia

HEADLINES

OPERATIONAL AND REGULATORY ENVIRONMENT

Starting and operating a business remains complicated, due to heavy taxation and prevailing corruption

FINANCING AND INVESTMENT

One of the most developed financial sectors in the region provides wide credit opportunities

SKILLS AND LABOUR

Skills gap and labour market informality to persist as looming challenges

TRANSPORT AND INFRASTRUCTURE

Trade across borders remains complicated and time-consuming, although logistics performance is improving

DIGITALISATION AND INNOVATION

Colombia’s innovation capabilities and potential lag behind major regional peers

OPERATIONAL AND LEGAL ENVIRONMENT

Chart 1 Operational and Legal Environment Key Indicators Chart 2 Index of Economic Freedom Ranking by Pillar in Colombia and Regional Comparison 2021 Chart 3 Index of Economic Freedom Ranking 2016-2021 Chart 4 Index of Economic Freedom: Judicial Effectiveness Pillar Rank in Colombia and Regional Comparison 2017-2021 Chart 5 Index of Economic Freedom: Government Integrity Pillar Rank in Colombia and Regional Comparison 2016-2021 Chart 6 Corruption Perceptions Ranking: Colombia and Regional Comparison 2015-2020

FINANCING AND INVESTMENTS

Chart 7 Key Financial and Investment Indicators Chart 8 Index of Economic Freedom: Property Rights Pillar Rank in Colombia and Regional Comparison 2016-2021 Chart 9 Bank Claims on the Private Sector as % of GDP 2016-2021 Chart 10 Bank Nonperforming Loans to Total Gross Loans 2016-2021

SKILLS AND LABOUR

Chart 11 Key Skills and Labour Indicators Chart 12 Population Aged 15+ with Higher Education 2016-2021 Chart 13 Education Indicators 2021 Chart 14 Number of University Graduates by Programme 2021 Chart 15 Employment by Age 2021 Chart 16 Employment by Gender 2021 Chart 17 Youth Unemployment Rate 2016-2021 Chart 18 Labour Structure Change 2016-2021 Chart 19 Labour Structure Comparison 2021 Chart 20 Self Employed as % of Total Employed Population 2021 Chart 21 Index of Economic Freedom: Labour Pillar Rank in Colombia and Regional Comparison 2016-2021 Chart 22 Wage per Hour in Manufacturing Sector 2016-2021 Chart 23 Labour Market Regulations in Colombia and Regional Comparison 2021

TRANSPORT AND INFRASTRUCTURE

Chart 24 Key Infrastructure Indicators Chart 25 Logistics Performance Index Scores by Pillar in Colombia and Regional Comparison 2021 Chart 26 Logistics Performance Index Ranking for Colombia and Regional Comparison 2016-2021 Chart 27 Transportation Mode Indicators in Colombia and Regional Comparison Chart 28 Road Infrastructure 2021

DIGITALISATION AND INNOVATION

Chart 29 Innovation and Digitalisation Key Indicators Chart 30 Network Readiness Ranking by Pillar in Colombia and Regional Comparison 2021 Chart 31 Network Readiness Ranking for Colombia and Regional Comparison 2019-2021 Chart 32 Network Readiness Ranking: Technology Pillar for Colombia and Regional Comparison 2019-2021 Chart 33 Intellectual Property: Colombia Compared to Selected Regional Peers 2021

APPENDIX A

The 2021 Index of Economic Freedom

APPENDIX B

The Logistics Performance Index (LPI) 2021

APPENDIX C

The Network Readiness Index (NRI) 2021
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