Colombia constructs the framework for a resilient economy

A combination of responsible fiscal control, economic diversification and social inclusion make for a resilient economy. While Colombia has made significant strides towards achieving such equilibrium there is still headway to be made, with issues such as the country's stubbornly high unemployment rate, social inequality, and the threat from narcotraffickers still to be tackled.

by Juan Carlos Echeverry

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Colombia constructs the framework for a resilient economy

Juan Carlos Echeverry, Colombia's finance minister

Resilience is probably the most sought-after attribute for an economy today. What is resilience made of? In my opinion, it has at least three basic components.

First, a consistent fiscal discipline reflecting deep agreements within those who govern a country. The following conditions should be met: the unwritten contract between the government and its congressional coalition has to abide with responsible budget appropriations, while within the presidential cabinet, the prevailing equilibrium should respect fiscal sustainability at every point in time.