The Colombian economy is faltering after years of oil-driven economic bonanza. Now, more than ever, a government-led national discussion to restructure and strengthen strategic import-competing industries is necessary.
In a span of twelve months, the Colombian economy has been rocked. On July 24, 2014, the Colombian peso (COP) was trading at 1,848 COP to the U.S. dollar (USD). Exactly one year later, the peso was trading at 2,861 to the dollar—a 36% depreciation. The massive depreciation of the peso is caused by both external and internal factors and exemplifies the broader structural problems hindering Colombian potential for growth.
