Colombia - The economy

UNN-4 REPORT OF THE IBRD UISSION TO COLOMBIA July August, 19L48 'PART I T'iE ECONOMY OF COLOIEBIA, By: Jacqiies Torfs, I13RD App:rcwvcf,: by: Gilbert H. Clee' IBRD  TABLE OF CONTENTS Paragraphs A. GENERAL INFORMATION a. Area, Topography and Climate..... 1 - 5 b. Population G. ............ O., 6- 9 B. NATURAL RESOURCES AND PRODUCTION .......... 10 a, Agriculture .................... e* 11--17 b, t -ndustrjes * .......*.....*...-,.l825 c. Goverinment Aid to Tradustry....... 26 - 28 d. Electric Power .................. 29 -35 e. Transportation.....,............ !36 - 56 C. POLITICAL SITUATION .....t.t..... ..*.... , 57 - 65 D. INTERNAL FINkANCIAL ANI EC OlIOYIC POLICIES.. . 66 a, Budget...................,,..... 67 74 b, Bank Structure .................. 75- 84 c. Money Sv.pply and Inflation....... 85 -9 E. EXTERNAL FINANCIAL RELATION1S a, Foreigrn Exohange Reserves ...,... 95 - 97 b. Balance of Payments............ 98 - 101 c. Rates of Exchange ................ 102 - 105 d. Balanoe of Paymenrts Prospeots and Problems 106 110 e. External Debts .* .. . . . . . . . . e ... . .115126 F. SU1&NARYo ...... e r t 1 -126  ESSENTIAL STATISTICS Area . . . . . . . . . *. *440,000 square miles Population.. .......... . . . . . lO5 illion Currency . . . . . . . . . . . . . . . . .. . Unit: Peso Parity: 1.75 pesos per United States dollar Total imports 1947: Equivalent to U.S, 3 9 miaillion Total exports 1247: Equivalent to U.S.,275 million National income in 1947: Estimated roughly as equivalent to U.S. ,2 billion Per capita N.T.: Estimated roughly as equivalent to U S. 4l90 Budget 19147: Total expenditures of National Govern- ment: 374 million pesos Internal debt of National Government, April 1948; 334 million pesos Extornal direct and guaranteed debt of National Governmernt, end 1947T Equivalent to U.S. 4il93 million Cost of living index in Bogota, April 1948 (19394100) 240  PART I THE ECONOMIY OF COLOiBIA A. GENERAL IPFOPMATION a. Area, Topography and Climnate 1. Situated in the northwrestern part of South America, the Republic of Colombia has a ooast line on both the Atlantic and Pacific Oceans. Its area, somewhat less than 450o000 square miles, is greater than that of France, Germanyr, Belgium and Switzerand combined. On the north it is bordered by the Pacific Ocean, Paniama and the Caribbean Sea, on the east by Venezuela and Brazil, by Ecuador and Peru on the soutbh, and by the Pacifio Oqean on the west. 25 Near the Ecuadorian border, the Andes break into three great ranges, the Western, Central. and Eastern Cordilleras, which traverse most of the length of the vestern part of Colombia from the south to the north. The central range has an average height of 12,000 feet and reaches 19,000 feet, the eastern range averages 8,000 feet and the rwestern somevhat lover. Plateaus of large area are found on each of the ranges and are quite thickly populated. Orn the Pacific coast low mountains extend from Panama south and join the western range at the Choco Valley. The sparsely settled region east of the Eastern Cordillera and comprising miore than half the total Colormbian land area, consists of grasslands in the north and tropical jungles in the south.  COLOMBIA 8* 7..60* 730 0 2 .. :-G U A t CAPtTAL Or COUNTRY _______ * CAPITAL OF ADMtNISTRATIVE DtVISION 5. oL NN*-/ MILIKS aA,TL%f TICO