Research Paper On Colombia Economy

Decent Essays
Tito Moore
El Español 1 jueves, el veintiséis de mayo, 2016
Colombia’s Economy Although Colombia has a diverse, yet relatively simple economy, it’s control by solely the private sector causes instability resulting in income inequality among its people. Elements of Colombia’s economy, such as the trade, jobs, and economic condition show the simplicity in its economic interactions and decisions inside the country and globally. Colombia’s trade is an important part of its economy. Colombia exports many of its natural resources and products to other countries. Coffee remains one of the most important exports for Colombia, although money from coffee is not as important as it used to be (Hudson 143). Flowers are another integral product that is exported from Colombia. One million people in Colombia depend on the income that is brought in by flowers and Colombia is the largest flower exporter to the United States (Hudson 155-156). In 2006, 42% of Colombia’s exports were minerals, and the second-largest export in the nation was coal (Hudson 158). Colombia has the greatest coal reserves in South America, the biggest of which are located in El Cerrejón (Bushnell 273). Coal is important to Colombia’s economy, however; it is a limited resource, so other options should be pursued. The most notorious
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In 2006, 20% of Colombian jobs were in agriculture (Hudson 152). However, a large number of Colombians experience difficulties. Colombia had a 49.5% poverty rate in 2005(Hudson 144). Colombia also has a 14.5% unemployment rate for people who are able to work (Murray 47). A very uneven income distribution exists in Colombia (Hudson 144). In the 1980s, the top twenty percent of the people had seventy percent of the wealth (Serafino 144). The United States is also experiencing income inequality today, with the same issue of the richest people holding most of the wealth, while the majority has much
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