Colombia University Economy of Colombia Essay

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waivov

Economics

COLOMBIA UNIVERSITY

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the country im talking about is colombia , i will be submiting one word document about 2000 words , please make all the steps clear.

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Some directions for the Common Assessments (student projects) Due no later than May 2, 2021 Go to the common assessment on Blackboard. Each student gets a different country. No one in the same section can have the same country. For example, maybe you choose Bulgaria, and your friend chooses Brazil. Countries will be chosen in class on a first come, first assigned basis. If you cannot choose a country on your own, a name will be given to you. Now go to www.tradingeconomics.com or to some other website to get your economic data. You will be writing up a report on the economy of your chosen country and what you recommend for fiscal and monetary policies for your country to improve their economic situation. General items to include and discuss: 1. You should discuss something about the economy of your chosen country. 2. Discuss your economic data you have collected for the past 10 years. (could be a longer period or slightly shorter if you have data availability issues) 3. You should discuss what they have been doing regarding economic performance and problems. What has gone well, what is bad. 4. Discuss hat has happened in your chosen country regarding COVID-19. Has your country been severely impacted? This could have an impact on what you recommend short-term versus longer term. 5. Discuss economic policy over about the last 10 years (maybe 20 years, you decide). 6. Has the country been adopting sound economic policies, should they make changes? 7. What do you recommend for future policy? Discuss fiscal policy, monetary policy, and any other economic policies that you may think are relevant. The Common assessment is now accessible. Look at it. But recognize that the instructions above supersede or take precedence over anything in the common assessment document listed online. The online document is a general framework. This document is your specific assignment for your class. To make instructions as close as possible to those for LaLa Land on Blackboard: You replace LaLa Land with the name of your country. You provide 10 years of annual data instead of three and replace the xxx with actual data on inflation, unemployment, and economic growth. You can also show other data, such as Government spending, Tax collections, GDP, money supply and perhaps other economic variables yearly for the last approximately 10 years. You should present much of the information graphically (although you might use tables in some cases). You can, but you do not have use a liquidity preference framework. You can choose to use any other more realistic real-world type models that you think better explains what is going on, rather than the simplistic Keynesian or quantity theory models. For example, maybe you like rational expectations, supply-side ideas, Neo-Keynesian, or modern monetary theory. Your report should be typed and uploaded onto Blackboard when completed. As for length—between 5 and 10 pages. This includes the graphs and references.. You must cite your sources and list references (in any acceptable bibliographic entry form used by journals, or as taught at ZU). You can copy graphs and tables from various websites. But cite the sources of the graphs. You cannot do massive cuts and pastes of text from a website that discusses something like say historical fiscal policy for Zimbabwe for the years 2008 -2019. You are expected to use your data and your own research to suggest some combination of fiscal and monetary policies to improve the economic situation for your country and explain what you expect to happen to major economic variables in your country because of your suggested policies. You can use the Keynesian model and/or the quantity theory of money model to discuss expected results. You can use the aggregate demand and aggregate supply model, but you do not have to use any specific model.. These models are mainly background reference ideas. For example if you recommend fiscal stimulus like an increase in government spending to offset Co-vid 19 impacts you are making a Keynesian argument. You are not expected to go into any details about the Keynesian model, you might just say something like your recommendation is consistent with the recommendations obtained from the Keynesian model, that it follows from Keynesian economic recommendations, that it is based on the Keynesian model, etc. You should use your own words throughout the paper, whenever possible.
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Explanation & Answer

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Economy of Colombia

Student's Name
Department, Institutional Affiliation
Course Name
Instructor's Name
Submission Date

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Economy of Colombia
Colombia is a country in South America with the fourth-largest economy and has the
oldest economy compared to other countries. Its president, Ivan Duque, has been in the chair
since 2018 and has always been for the reformist agenda. He has been faced with various
problems during his administration, including unstable approval ratings, opposition-governed
congress, and antigovernment social unrest. Colombia's most recent per capita income growth
rate was 8.8 percent annually. The country is still the top producer and exporter of cocaine.
Colombia has always had stable economic growth not until it contracted due to the adverse
impacts of the COVID-19 pandemic.
GDP Growth rate
Over the past years, the economy of the country has been increasing. Such rapid growth
has been caused by an increase in exports of oil, coffee, and coal. Colombia's fastest-growing
sector is the services sector, as it contributes to 53 percent of the country's Gross Domestic
Product (GDP). The sector includes insurance, real estate, finance, business services, personal
services, social services, trade, hotels and restaurants, warehousing, and communication (Otero,
2017). Twenty percent of the country's wealth is contributed by mining, manufacturing, and
quarrying. The country also has other sectors that contribute to its GDP, including its
government which contributes to 10 percent of the GDP; forestry, agriculture, and fishing
contribute to 6.3 percent of the GDP, 6 percent is contributed by construction, and lastly, 4
percent of the GDP is contributed by gas, water, and electricity distribution.
From the above economic data in Fig 1.0 in the appendix, it is clear that Colombia has
improved its economy until the COVID-19 shock hit the country. The country's GDP has
fluctuated over the years from 2015, where it was 6, 075, to 2019, where it was 6, 421. There is a

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considerable improvement in the country's GDP over the years. The country's population has
also increased considerably; in 2015, Colombia had about 48.2 million people, while in 2019, the
population stood at 50.4 million people. The actual economic growth of Colombia, including its
GDP and its annual variation, has also increased from 3.0 in 2015 to 3.3 in 2019. The most
worrying part is the unemployment rate which has increased significantly from 8.9 in 2015 to a
whopping 10.5 in 2019; this shows that the country has been affected by a financial crisis,
universal recession, structural employment, or frictional unemployment. The government needs
to focus on the issue of unemployment by dealing with the problems causing it.
Colombia has always had a negative fiscal balance, and this is a clear depictio...


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