Announcement of Economic Growth of Colombia Problems and Prospects on August 14, 1972

1 FOR IMMEDIAT E RELEASE' ,. • 1818 H STREET, N.W., WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 August 14, 1972 World Bank Country Economic Report Economic Growth of Colombia Problems and Prospects A Report on Economic Growth of Colombia just published by the World Bank, is the first of a new series of Country Economic Reports the Bank will make available to the general public. The Report on Colombia is part of the continuing work of World Bank economic experts, who for more than a decade have been compiling studies in depth of the economies of individual member countries. In the past and in support of its own operations, the Bank has prepared periodic reports on borrowing countries which have not been intended for publication. They have been written mainly as a basis for decisions on Bank policy and for discussions with the government of the countr~. It has now been decided to publish selected Bank's Country Economic Reports, with the agreement of the government concerned, so that they may become more generally available. The Colombia Report has been chosen as the first because of an initiative by the Govel"'nment of Colombia and because it is a relatively com- prehensive report dealing with a number of long-term issues. In 1970 ~ large mission led by Mr. Dragoslav Avramovic, a Chief Economist in the World Bank, undertook a comprehensive analysis of Colombia's economy. The • mission's report discusses the main issues of development strategy and assesses the country's present and future needs. l'he Colombian Government supported the /more • • mission's work wholeheartedly. ·- 2 - Colombian authorities provided all necessary factual and analytical material, and commented on the mission's findings. The Colombia Report thus contains ,;hard'· economic data not readily available elsewhere. It will prove of value to development economists, the banking and finance community, governments and government agencies and those with ties to, or with interest in, Colombia and its development efforts. The Report consists of 25 chapters, of which the first presents the Bank mission's conclusions. Several chapters analyze the issues which cut across partiF- ular sectors -- unemployment and underemployment, the fiscal problem, the foreign exchange constraint, the efforts at diversification of production and exports, investment and savings, regional development, capital requirements, and external indebtedness. The procet~ of industrialization, mining and energy supply is the ~ subject of subsequent chapters. Others analyze the situation and problems in agriculture, and three chapters deal with transport, telecommunications and tourism. The fine.l four chapters are devoted to the social sectors~ education and training, water supply and public health. In the preparation of the Colombia Report, the World Bank mission received the cooperation of several other international bodies working in Colombia, such as the International Labor Organization, the United Nations Development Program and the secretariat of the Inter-American Committee on the Alliance for Progress (CIAP). Economic Growth of Colombia has been published for the World Bank in a 500- page volUID.e, cloth and paper editions, by The Johns Hopkins Press of Baltimore, Maryland. Banco Popular of Bogota, Colombia, will publish the Spanish translation • of the Report for the Colombian Government later this year • 0