Venezuela and Brazil: Take note of Colombias revival
Over the past 15 years, Colombia has undergone a massive political and economic rebirth. Since, it has stood out as one of the lone beacons…
Over the past 15 years, Colombia has undergone a massive political and economic rebirth.
Since, it has stood out as one of the lone beacons of light in what has increasingly become one of the worlds most turbulent political regions.
SEE ALSO: Resignations plague Colombias presidential elections
With tumultuous and ongoing social strife to the east in Venezuela and nationwide discontent to the south in Brazil, Colombia stands in stark contrast with its South American neighbors.
The nature of both major candidates in this years election on Sunday May 25 Juan Manuel Santos of the Party of the U and Oscar Ivan Zuluaga of the Democratic Center partydoes not indicate that Colombia is, in any way, on the path to a populist and socialist regime.
From an economic vantage point, the contrast with its neighbors becomes most evident, as improved standards of living and steady expansion have become the norm.
In the first quarter of 2014 alone, inflation remained low as the economy grew by roughly 4.8%.
As Peter Murphy of “Reuters” explains, Colombia’s economy has maintained low inflation and enviable growth above 4 percent, faster than most other South American countries with the exception of Peru.
All recent forecast also indicate that growth is expected to progress at a steady rate for the remainder of the year.
Venezuela
Meanwhile, the recent nationwide upheaval in Venezuela to the east is both a result of and catalyst for further economic deterioration in the oil-rich nation.
In just a one-year span, from 2012 to 2013, GDP growth decreased radically from 5.6% to 1.3%.
The contraction has expanded into 2014 and as Dow Jones Business News states, The central bank’s last report showed an annual inflation rate of 57.3% in February, one of the highest in the world, as the oil-rich nation grapples with a scarcity of foreign currency that has led to shortages of basic goods and helped fuel protests.
Constricting government controls instituted by the Maduro regime have only accentuated the problem as Venezuela continues its downward cycle.
Brazil
Further south, Brazil has been facing its own wave of discontent as support for the World Cup has fallen to an all-time low of 48%.