Colombia
Workers shovel coal destined for the furnaces at Acerias Paz del Rio SA's steel mill in Belencito, Colombia.
2009 GDP Growth: 0.1%
Population: 44.91 million
2010 Estimated GDP Growth: 2.3%
About the size of Texas and California combined, South America's fourth-largest economy has steadily pulled out of the global recession. Although GDP dropped considerably to 0.1% in 2009 compared with 2.4% growth the previous year and 7.5% growth in 2007, Colombia's economy showed solid signs of recovery as early as last October. During the first three months of 2010, Colombia grew 4.4% from a year ago, led by an uptick in construction as the government invested in roads, buildings, and other infrastructure projects to help create jobs.
Mauricio Cardenas, director of Latin America Initiative for Brookings Institution, said the country's rebound reflects the broader positive reform of its court system and other government institutions. This has made investing more attractive to foreign investors. "It's amazing how much progress Colombia has made," says Cardenas, adding that the country has also seen much improved personal security with the fall in crime and violence, among other indicators.
Over the next several years, growth looks promising as the resource-rich country is poised to benefit from higher commodities prices, particularly coal and oil, driven largely by China' s growing appetite. Colombia is currently the fifth-largest coal exporting country, accounting for about 1.1% of the world's yearly production. Colombia is also a big producer of gold, silver, and platinum, which have seen prices rise as investors flock to precious metals as safer investments.
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Last updated July 01 2010: 4:35 PM ET
Source: Population figures from U.S. State Department; GDP numbers from International Monetary Fund
