Historical figure: Colombia's economy grew 10.2 % in 2021

The Colombian economy grew by more than 10.2 percent in 2021, making it the "largest economic growth" in the country's republican history, said President Iván Duque on Monday in Europe.

"Today we share with the Colombian people one of the best news we have received in a long time, we have worked with our team of the Ministry of Finance and also with the team of the Presidency Republic, and we have evaluated the December figures," Duque said from Brussels.

The statements come as the legislative and executive elections are approaching on March 13 and May 29, respectively. These elections are polarized between the right and the Bolivarian left.

"I want to express this from Europe for the Colombian people, that in 2021 the Colombian economy grew above 10.2%, and this means that we have achieved the highest economic growth in our republican history," Duque told the press along with the president of the European Commission, Ursula von der Leyen, at the headquarters of the institution.

Duque said that he had been in contact with the Colombian Ministry of Finance this morning, and together they "evaluated the growth numbers for the month of December 2021." The economy had progressed more than they expected, he said. 

The president claimed that this is a significant figure because "this demonstrates a degree of sustainability of the country, and that is why I wanted to reveal this important news with her (Ursula von der Leyen) as one of the people who has supported the economic reactivation that Colombia is going through."

On January 19, Duque discussed the country’s economic growth projections as the government seeks to boost growth rates after the negative impact generated by the coronavirus pandemic.

Duque said that economic growth could exceed 9.7 percent by the end of 2021, surpassing the level of Gross Domestic Product (GDP) recorded in 2019 and reaching a record figure for the Colombian economy.

On the other hand, the Colombian president referred to the report published by the Organization for Economic Cooperation and Development (OECD) in Paris. He pointed out that the country’s current economy and the effects of the tax reform approved in 2021 would prevent his successor from having to file a project of this nature.

Duque insisted that he is not contemplating a new tax reform in what is left of his term. He claimed that his administration has increased the number of beneficiaries of social programs from three million to more than ten million.

In the report, the OECD claims that Colombia's growth prospects will depend on the reforms implemented to combat informality and improve the economy. One of the measures it proposes is to raise more revenue from personal income tax by reducing the income threshold at which taxpayers start paying taxes.

At that time, the most recent data for the Colombian economy pointed to an increase in the third quarter of 2021 of 5.7 percent compared to the previous quarter and 13.2 percent compared to July-September 2020, which placed it only behind Chile as the fastest growing economy in the region.

Desde Bruselas tenemos grandes noticias para Colombia: en 2021 el crecimiento económico estuvo por encima del 10,2%. Esto demuestra nuestra resiliencia y es muy importante decir que se trata de un crecimiento con sostenibilidad. pic.twitter.com/mn8ZSl1zXW

— Iván Duque 🇨🇴 (@IvanDuque) February 14, 2022