LatinNews Daily - 21 February 2019

In brief: Colombia

* Colombia’s President Iván Duque has said that economic growth expectations for Colombia this year are greater than those of countries such as Chile, Mexico, and Peru. President Duque highlighted significant growth in industry, foreign direct investment, and non-mineral/energy exports in the last half of 2018. According to the most recent (December 2018) report from the United Nations Economic Commission for Latin America & the Caribbean (Eclac), Colombia’s GDP growth was 2.7% in 2018 and this is forecast to increase to 3.3% in 2019, above the averages for Latin America & the Caribbean of 1.2% and 1.7% respectively. President Duque attributed the reactivation of Colombia’s economy and growth to the success of measures such as the simplification of Colombia’s tax system. Duque stated that this has permitted companies in Colombia, especially micro, small, medium and emerging enterprises, to have only one system of taxation.