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Economic Colombia’s peso has gone from Latin America’s best currency to one of its worst in the past 12 months after the drop in oil prices left it with a widening budget deficit. Long story short, Colombian economy has become highly dependent on oil and itd global prices. Colombia dependence on the price of a barrel of oil has been one of the main consequences of the devaluation of the Colombian peso , which in the last three months has fallen 17.53%. There is also a lack of foreign direct investment in 2014, which resulted in a decline. In other words, The dollar is strong and oil is low. It is very evident with the Colombian Peso. The peso’s devaluation benefits coffee, banana, and flower exporters. In May, Colombia's unemployment rate was 8.8% with an inflation rate of 6.4% and a GDP worth 292 billion US dollars.

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What comes into your mind when you think of Colombia? Drugs? Girls?Violence?Murders?Gangs?DANGER and its violent past. There are a lot of misconceptions when it comes to COLOMBIA. Drugs arent legal in Colombia and not everyone is in the cocaine business this is why a lot of businesses underestimate Colombia's economic powers.Yes, the drug is cultivated in and trafficked from Colombia, but consumption among residents is incredibly low in comparison to other countries. Also, a lot of businesses think that because its somehow dangerous than everyone is poor, which is wrong. Theres a social hierarchy like any country. A lot of businesses do not seek to open anything in Colombia because they think its unsafe and travellers too. Is it safe? Yes, and no.  Parts are. There are parts of Colombia, Colombians don’t even go to because o, but in reality, most tourists have never heard of these places.  Tourists want to go to Cartagena, Bogota, Medellin, and the coffee area.  Those places are relatively safe and everyone knows PABLO ESCOBAR.

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https://www.youtube.com/watch?v=h6owkxCX5bM

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It will take a lot of time for the Colombian economy to strengthen as it is very weak right now. However the government will increase and reduce a lot of taxes like the personal income tax base, a value-added tax. Also, there will be a lot of new bond taxes. The government wants a weak currency to encourage exporting. The nation is sticking with its two-year-old policy of buying dollars to beef up its international reserves, which are low compared with those of some of its nation neighbours and to control inflation

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In 2014, Colombia exported $56.5B and imported $61.5B. However, this year, it exported more than it imported so the terms Of Trade in Colombia increased to 175.12 Index Points from 128.08 Index Points in 2016. The terms of trade for Colombia are calculated as the value of its exports as percent of the value of its imports. An increase in the terms of trade means that the value of exports is increasing relative to the value of imports. The country can afford to buy more imports with the revenue from its exports.

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There are also a lot of dirty corruption taking place in Colombia and a lot of accusations. This weakens the citizen’s trust in the government causing a lot of political apathy and indifference. Different factors have contributed to political corruption in Colombia including drug trafficking weak surveillance and regulation from institutions, and threats.

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When it comes to Colombia and its political issues, one needs to instantly thank Pablo Escobar. There are a lot of political factors that have caused devaluation. For instance, weak surveillance, unethical behaviour and the military conflict. As a result, it caused corruption but thats another huge factor by its own. Some political issues include cocaine traffickers and illegal miners. They use some currency dealers to convert the pesos into dollars and vice versa, thanks to Pablo Escobar. In the cocaine business, the cash was converted into pesos and were kept on hand and in warehouses for operating costs instead of in banks and they were not calculated in the GDP. They exchanged the hard currency to soft currency and never brought in the hard currency. Now, there is illegal drug trade with many powerful establishments resulting in Colombian governments to crack down due to ineffective drug war policy that has failed. The illegal activity of the drug cartel grosses approximately $10-$20 billion a year; it does not enter into the GDP accounting.  Baring the impasse and fighting it which is largely political then the economy would flourish.