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The new administration is seeking to reduce the economy’s reliance on oil and coal, two of Colombia’s largest exports, by expanding the production of renewable energy, and diversifying exports towards non-traditional higher value-added sectors. A well-designed and executed export diversification plan would be key to facilitate the energy transition, boost productivity, and thus, long-term growth. The transition would be challenging and would need to be gradual, as it would require significant improvements in infrastructure, a continued focus on providing high quality education, labor market reforms to further reduce informality, and the removal of non-technical non-tariff barriers. This note presents some stylized facts about Colombia’s exports basket and provides a brief literature review of factors and policies that could support a successful energy transition strategy.
Inflation rose sharply starting in the second quarter of 2021 due to a combination of global and domestic supply and demand factors. A key challenge for policy design is to identify the nature (demand vs supply) and the source (domestic vs external) of inflation drivers. Both “macro” and “micro” approaches are considered to disentangle the effects of different inflation drivers. Our results suggest that both external and domestic factors contributed significantly to headline inflation in Colombia.
On behalf of the Colombian authorities, I would like to thank the staff for the open dialogue, excellent work, and feedback during the Art. IV Consultation. The insights provided during the meetings are a strategic input for policymakers in Colombia.