Colombia - Economic developments 1967
van der Tak, Herman G. | Ray, Anandarup
Early in 1967, the Government of Colombia initiated a number of important changes in economic policy. These initiatives were in response to chronic difficulties in Colombia's internal and external finances, which culminated in an acute external payments crisis in November 1966. The Colombian Government's objectives for economic development in the medium-term future continue to be the same as described in the previous economic report. They can be summarized as follows: (a) to raise public investment to levels which should permit a sustained annual growth rate of Gross Domestic Product (GDP) of six percent, in real terms, and should reduce unemployment in the cities as well as disguised unemployment in the countryside, and (b) to achieve these objectives within an overall framework of economic policies that will bring to an end the past inflationary and balance of payments pressures. While during 1967 the fulfillment of the objective for growth could not be achieved because of the acute exchange difficulties of the last quarter of 1966, the Government initiated in March 1967 new balance of payments policies that promise, if pursued consistently, to correct the overvalued exchange rates that have been one of the main causes for the recurrent balance of payments difficulties of the past.
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