OECD Economic Surveys : Colombia 2017.

Table of contents
Basic statistics of Colombia, 2015
Executive summary
	The economy has been more resilient than other Latin American countries to the commodity shock
		GDP growth rate (YOY)
	Making growth more inclusive and raising productivity
		Economic growth needs to be more inclusive
		GDP per person employed as percentage of the US, constant 2010 PPPs, 2015
Assessment and recommendations
	Figure 1. GDP per capita has improved
	Figure 2. Well-being has improved but remains low relative to OECD countries
	The economy is adjusting well to the fall in global commodity prices
		Figure 3. Colombia has grown fast since the global financial crisis, but is facing external headwinds
		Figure 4. Economic growth continues to be among the highest in the region
		Table 1. Macroeconomic indicators and projections
		Figure 5. The exchange rate depreciated sharply putting pressure on prices
		Figure 6. The value of exports has decreased in 2015
		Figure 7. The financial system is sound
		Figure 8. Financial inclusion is low
		Short term outlook
			Box 1. Vulnerabilities that are difficult to quantify
			Box 2. The expected economic impact of the peace agreement
	Macroeconomic policies are broadly appropriate
		Monetary policy
		Fiscal policy
			Table 2. Central Government budget balance
			Figure 9. Fiscal revenues and gross public debt
			Figure 10. Statutory corporate income tax rates are above OECD averages
			Figure 11. The tax system does not distribute enough
			Box 3. The December 2016 tax reform
			Table 3. Past OECD recommendations on monetary and fiscal policy
	Reducing inequality by reigniting growth through structural reforms
		Figure 12. Productivity is low
		Figure 13. Inequality in GDP across households and regions is high
		Ending of the armed conflict should open a path towards productivity growth and inclusiveness
		Providing children with basic skills necessary to reach their full potential helps both productivity and equality
			Figure 14. A high share of students do not attain basic skills
		Creating more opportunities for women
			Figure 15. Gender gaps in employment are declining but persist in Colombia
		Making the social system more inclusive
			Figure 16. Poverty remains high, especially amongst children and the elderly
			Figure 17. Public social spending as a percentage of GDP by main components
			Table 4. Past OECD recommendations to make growth more inclusive
		Tackling informality to improve productivity and equality
			Figure 18. Evolution in formal and informal job creation
			Figure 19. Very few firms introduce new products to the market
		Encouraging investment in innovation to help firms catch up with the global frontier
			Figure 20. Innovation increases with R&D engagement in firms
			Figure 21. Firms collaborating on innovation with higher education or research institutions is low
		Sustaining the increase in public investment to close infrastructure gaps and regional disparities
			Box 4. The 4th Generation Infrastructure Program (4G)
			Figure 22. Expenditure and projects under the 4G program
			Figure 23. Infrastructure is of lower quality than in OECD countries
			Box 5. Greening growth challenges
			Figure 24. Green growth indicators for Colombia
		Addressing regulatory barriers and strengthening competition
			Figure 25. Business regulation remains restrictive in multiple areas
			Figure 26. Regulation remains restrictive in the electricity, roads and rails sectors
		Improving contract enforcement and the efficiency of judicial system
			Figure 27. The court system is slow to resolve commercial disputes
		Facilitating integration into global value chains
			Figure 28. Participation in GVCs is very low
			Table 5. Past OECD recommendations to boost growth
	References
Thematic chapters
	Chapter 1.
Reigniting growth through productivity-enhancing reforms
		Figure 1.1. Productivity is low
		Figure 1.2. Income gaps with OECD countries remain large because of low labour productivity 2014
		Trends in productivity across sectors, firms and regions
			Box 1.1. Key structural indicators for productivity diagnosis
			Figure 1.3. Value added of industry is relatively high, sustained by increases in construction and mining
			Figure 1.4. Productivity per worker in the agricultural sector is relatively low
			Figure 1.5. Productivity per worker in the service sector has increased but remains low
			Figure 1.6. Infrastructure is of lower quality than in OECD countries
		More and better public investment can boost productivity growth by reducing gaps in infrastructure
			Figure 1.7. Public investment has increased above OECD average
			Box 1.2. How to make the most of public investment in Colombia
		Further improve the business framework for investment and productivity growth
			Product market regulations
				Figure 1.8. Business regulation remains restrictive in some areas
			Competition policy
				Figure 1.9. Regulation remains restrictive in the electricity, roads and rails sectors
			Further reducing corporate taxes could contribute to investment growth
				Figure 1.10. Top combined statutory CIT rate is set to decrease but remains high
				Table 1.1. Comparison of CIT rates before and after the reform
			Improving contract enforcement and the efficiency of judicial system will raise productivity
				Figure 1.11. The court system is slow to resolve commercial disputes
		Skills development
			Improving management quality
				Figure 1.12. The quality of management is relatively low
				Figure 1.13. A relatively high share of manufacturing firms are family owned and with a family CEO
			Providing the right skills to the labour force
				Figure 1.14. A high share of students do not attain basic skills
				Box 1.3. What are the main drivers of students’ performance in Colombia?
				Figure 1.15. Higher spending in education increases math scores, particularly for low income students
				Figure 1.16. There is a deficit of technicians and technologists
		Producing innovations and facilitating its diffusion to promote productivity gains
			Figure 1.17. Innovation in the manufacturing sector is relatively low
			Figure 1.18. Very few firms introduce new products to the market
			Figure 1.19. Share of investment in intellectual property products
			Figure 1.20. Firms collaborating on innovation with higher education or research institutions is low
			Figure 1.21. Fixed broadband penetration is relatively low
			Figure 1.22. The use of internet to interact with public authorities is low
		Facilitating integration into global value chains
			Figure 1.23. Significant effort has been made to promote trade integration
			Figure 1.24. Participation in GVCs is very low
			Figure 1.25. Colombia’s backward and forward participation in GVCs
			Figure 1.26. Backward GVC participation: Ratio-relative contribution of policy and non-policy factors
			Box 1.4. Main determinants of GVC participation in Emerging Economies
			Figure 1.27. The impact on GVC integration of other policies
		Strengthen productivity-enhancing institutions
			Policy Recommendations for reigniting growth by boosting productivity
		References
	Chapter 2.
Towards more inclusive growth
		Figure 2.1. Inequality and poverty remain high
		Regional disparities influence inequalities
			Figure 2.2. Inequality in GDP per capita across regions is high
		Gender gaps contribute to inequalities
			Figure 2.3. Gender gaps in labour force participation are declining but persist in Colombia
			Figure 2.4. The NEET rate is significantly higher among women
			Figure 2.5. Median gender wage gap of full-time employees, 2010-15
		Informality in the labour market contributes to inequalities
			Figure 2.6. Large earnings gap between formal and informal workers
			Certain labour regulations contribute to informality
				Figure 2.7. Informality is high
				Figure 2.8. Self-employment is widespread
				Figure 2.9. The minimum wage is high
				Figure 2.10. Evolution of formal and informal job creation
			Some social insurance programmes reduce incentives to formalise
		Taxes and transfers redistribute little
			Figure 2.11. The tax and transfer system does little for redistribution1
			The unemployed have high risk of poverty
			The social system has reduced inequality and poverty but could redistribute more
				Figure 2.12. Public social spending in Colombia is much lower than the OECD average
			The pension system is highly unequal
				Figure 2.13. Pension coverage in LAC countries
				Figure 2.14. Social pensions in Latin American countries
			Health coverage is almost universal but access to quality services remains difficult for the poor and in rural areas
				Figure 2.15. Health care is relatively affordable
				Figure 2.16. Health care resources and access to care remain worse in rural and remote areas
		Low social mobility contributes to inequalities
			Education enrolment has increased significantly but disadvantaged groups remain behind
				Figure 2.17. Share of resilient students across OECD and LAC countries, 2015
				Figure 2.18. Participation rates in ECEC, by socio-economic level (2012)
				Figure 2.19. Share of adult population that has attained at least upper secondary education, 2014
			Enhancing education opportunities can be tackled with targeted policies
			Labour market policies can also affect social mobility
		Low financial inclusion is contributing to inequality
			Figure 2.20. Financial inclusion is low
			Box 2.1. Financial inclusion: Experience in selected countries
			Policy recommendations to make growth more inclusive
		References