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Colombia's economy is cruising alone, says minister

Monday, March 19, 2012

Colombia's economy likely grew "at about cruising velocity" of about 6 percent last year and should expand 5-6 percent this year as investments push growth, finance minister Juan Carlos Echeverry said.

Foreign direct investment hit a record $14.5 billion in 2011 and was on track to rise 20 percent this year, Echeverry said at the annual meeting of the Inter-American Development Bank.

Colombia's savings rate is around 26 percent of GDP, investments account for about 30 percent, and the government has aggressively pursued trade pacts with major economies.

Source: Reuters