Growth of the Colombian economy surpassed that of countries like the US and Germany

The eColombian economy was ranked as the sixth best in the world during 2024, as announced by the English magazine The Economist, in his article titled ‘Which economy had the best performance in 2024?’, in which the 37 member countries of the OECD (Organization for Cooperation and Development) were measured.

For this year, the list of the five best economies is headed by Spain, Ireland, Denmark, Greece and Italy, in that order.

Next, in sixth place appears Colombia, surpassing developed countries such as Israel, Switzerland, South Korea, Sweden, Netherlands, United States and Germany, inter alia.

The variation in Colombia’s GDP between the fourth quarter of 2023 and the third quarter of 2024 was 2.6%.

Likewise, the article highlights that Colombia is the only country in South America that appears in the top 10 from this exclusive list, above neighboring countries such as Chile, which is ranked 11th, or Mexico, which is ranked 16th.

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In this regard, the President Gustavo Petro noted on his official X account that: “The liberal magazine The Economist places us sixth among the best economies in the world in 2024. It is the reference magazine for all the ‘economists’ who criticize us for simple ideology. Didn’t they say that we are going very badly? The Government of Change advances“.

In another publication, the president wrote: “Colombia is the sixth best economy in the OECD. Moving to a productive economic system and leaving fossil extractivism is a success“.

In the article The Economist highlighted that the world economy “showed strong performance again in 2024: according to the IMF, global GDP will increase by 3.2%. Inflation has moderated and job growth remains strong. Stock markets have risen more than 20% for the second consecutive year“.

Economic indicators

Furthermore, the analysis of the prestigious magazine was based on five economic and financial indicators (GDP, stock market performance, core inflation, unemployment and public deficit) for 37 countries, “mostly rich. We then rank each economy based on its performance on these measures to create a combined score“.

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Regarding the top five places, The Economist highlights that: “The Mediterranean rebound continues for the third year in a row, with Spain topping the list this year. Greece and Italy, once emblematic of the euro zone’s problems, continue their strong recovery. Ireland, which has attracted many tech companies, and Denmark, home of Novo Nordisk, famous for Ozempic, round out the top five.“.

It also highlights the ‘disappointment’ in the measurement, of some european countries. “Northern European heavyweights disappoint, with disappointing results from Britain and Germany. The Baltic duo of Latvia and Estonia once again find themselves in last place, a position they also held in 2022“he points out.

VALENTINA DELGADILLO ABELLO
Journalist Portfolio