George Mason University Current Economic Situation in Colombia Discussion

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Draw on Lectures 11&12 and associated readings. The late 1980s and early 1990s were a time of dramatic reforms in Latin America that changed the trajectory of economies there for the next several decades. Most countries privatized state-owned enterprises, welcomed in foreign investment, and tried to make trade an engine of growth once again. Most also tried to diversify their export portfolio. Some countries successfully pursued international tourism as a way to increase foreign exchange. Increasing remittances helped many countries. For several countries trade with China became a major factor, especially during 2001-2015 when China was eagerly importing natural resources of all kinds. Subsequently exports to China slowed in these countries. Investment from China may have been substantial as well.

Enter the coronavirus pandemic in early 2020. How was your country doing before the pandemic and how is it doing now? Begin by describing how your country fits in to the above paragraph. Then look at the current situation: in particular, how has the pandemic affected the sources of foreign exchange and the ability of your country to make payments on its international debt. Is there a debt crisis similar to the debt crisis of the 1980s? How about inflation? Take advantage of the opportunity to demonstrate that you understand the concepts covered in the lectures and the readings. [target 1100 words] My country is Colombia and the only source you can use is Franko, Patrice. The Puzzle of Latin American Economic Development. (4th ed) Rowman and Littlefield,
2019. (paper) ISBN-13: 978-1442212176

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