What type of economy does Columbia have?

Answer 1

Colombian peso. Colombia's economy has experienced positive growth over the past four years despite a serious armed conflict. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, improved domestic security, and high commodity prices. Ongoing economic problems facing President URIBE include reforming the pension system, reducing high unemployment, and funding new exploration to offset declining oil production. The government's economic policy and democratic security strategy, coupled with increased investment, have engendered a growing sense of confidence in the economy. However, the business sector is becoming concerned about failure of the US Congress to approve the signed FTA.