Colombia is the third-most populous country in Latin America, after Brazil and Mexico. It has a free market economy with major commercial and investment ties to the United States. Transition from a highly regulated economy has been underway for more than a decade. Until 1997, Colombia had enjoyed a fairly stable economy. The first 5 years of liberalisation were characterised by high economic growth rates of between 4% and 5%. The Samper administration (1994-98) emphasised social welfare policies which targeted Colombia's lower income population. However, these reforms led to higher government spending which increased the fiscal deficit and public sector debt, the financing of which required higher interest rates. An over-valued peso inherited from the previous administration was maintained. The economy slowed, and by 1998 GDP growth was only 0.6%. In 1999, the country fell into its first recession since the Great Depression. During the period 1988-96, the United States provided about $765 million in assistance to Colombia. In 1999, U.S. assistance exceeded $200 million. This funding supported Colombia's counter-narcotics efforts, such as arresting drug traffickers, seizing drugs and illegal processing facilities, and eradicating coca and opium poppy. This book offers a comprehensive presentation of current issues in Colombia and presents an important analysis of the country's historical background.
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