Green Energy and Tourism Drive Colombia’s Economic Growth and Stability
Abstract
General Background: Colombia's economy has undergone significant transformations, influenced by global and domestic factors. Specific Background: While historically reliant on agriculture and energy resources, recent shifts emphasize services, infrastructure, and trade diversification. Knowledge Gap: Despite sustained economic growth, challenges persist in employment generation, economic equity, and macroeconomic stability. Aims: This study analyzes Colombia’s economic transition, assessing policy changes, GDP fluctuations, and structural composition to identify key drivers of economic recovery. Results: Findings indicate that economic growth prospects are strongly linked to investments in green energy and tourism expansion. Inflation reached 9.7% in 2023, negatively affecting consumer spending, while rising public debt necessitates careful fiscal management. Novelty: This research provides a comprehensive evaluation of Colombia’s evolving economic model, highlighting the role of sustainable investments and technological modernization in fostering long-term stability. Implications: The study offers critical insights for policymakers in designing strategies to enhance economic resilience through green technology investments, service sector expansion, and global market adaptation. Highlights: Economic Shift – From agriculture to services and trade diversification. Key Drivers – Green energy and tourism boost economic growth. Policy Focus – Manage inflation, public debt, and macroeconomic stability. Keywords: Colombian economy, economic transition, green energy, GDP fluctuations, policy planning