OECD economic surveys : Colombia 2017 / OECD.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, author.

Series:

OECD Economic Surveys: Colombia

Language:

English

Subjects (All):

Colombia--Economic conditions--1970---Statistics.

Colombia.

Physical Description:

1 online resource (129 pages) : illustrations

Edition:

1st ed.

Place of Publication:

Paris : OECD, [2017]

Summary:

- Basic Statistics of Colombia, 2015 (Numbers in parentheses refer to the OECD average) - Executive summary - Assessment and recommendations - Reigniting growth through productivity-enhancing reforms - Towards more inclusive growth.

Contents:

Intro

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&amp

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

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.

Notes:

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-27566-5

OCLC:

1225556064