Colombia
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Overview
Thanks to its range of landscapes, from open savannahs to Andean cloud forests, Colombia is the second-most biodiverse country on Earth. One of every 10 species can be found in this country of national parks – there are 60 in total, covering 10% of its territory. It is also one of the best places in the region to find tech talent, with a large hub of talent and strong investment to further boost the number of software specialists emerging onto the market.
A member of the OECD since 2018, Colombia is a CIVETS country, an acronym coined in 2009 for six emerging market economies lauded for a sophisticated financial system, controlled inflation, an increasing population of young people, diversified exports, and growing foreign direct investment. Known as the most business-friendly country in Latin America, it has a Westernized culture and is geographically close to the United States.
From the mid-16th century, Colombia remained under Spanish rule for nearly 250 years before achieving independence in the early 1800s. One of the most popular sites for international tourists is Cartagena in the north, on the shores of the Caribbean Sea. Surrounded by miles of ancient walls that form the walled city, Cartagena is the second-oldest Spanish outpost in South America and its historic center was declared a World Heritage Site by Unesco in 1984.
The Accelerance Global Network is the most curated list of high-quality global teams ever assembled.
4400
Developers
Total number of developers in our certified partner network by country
8
Certified Partners
Total number of certified partners in our global network by country.
8hrs
Time Travel (From NY)
Average flight time from NY to the major cities in the country.
73
Partner Innovation capability
The score reflects investment in STEM progrms and IT funding by country.
90
Partner Skill Level
Level of workforce skills and quality of education, including factors such as digital literacy, interpersonal skills, etc.
60
Partner Global Competitiveness
National productivity based on 12 core pillars, including government policy, infrastructure, economic stability, etc.
High
Software Outsourcing Readiness
Overall rating, based on the maturity of the tech sector, socio-political conditions, and on-the-ground research by Accelerance.
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Talent Pool & Education
The region’s third-largest hub for tech talent, Colombia has a rapidly expanding startup environment. Bogotá and Medellín are already recognized as innovation centers, while the sectors in Cali and Barranquilla have seen significant growth. The BPO (Business Process Outsourcing) sector is one of the country’s largest employment generators, creating a skilled workforce supported by substantial government investment in education. In the 2023 World Digital Competitiveness Ranking, Colombia was placed sixth of Latin American nations, ahead of other major outsourcing destinations such as Mexico and Brazil in training and education.
A recent Forbes report singled out Colombia as one of three emerging global markets for tech talent, despite some concerns over demand outstripping supply. The long-awaited rollout of the country’s 5G network is set to be implemented in 2024, a crucial factor for the nation’s IT businesses to stay competitive. A statement by the Ministry of Information and Communication Technologies acknowledged “the importance of 5G networks and artificial intelligence for innovation, the creation of smarter societies, and the role of Colombia in the fourth industrial revolution”.
Language
The official language of Colombia is Spanish, but many locals also speak English, especially in the major cities and within professional circles. A growing number of English speakers can also now be found in smaller towns and rural areas.
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Economic Outlook
Colombia has a track record of prudent macroeconomic and fiscal management, enabling uninterrupted growth since 2000. The economy’s recovery post-COVID-19 was impressive, however, it experienced a pronounced slowdown in 2023. The outlook is more positive for the coming year, largely driven by growing consumption. Inflation, which peaked at 9.3% at the end of 2023, is projected to decrease to 5.4% over the coming year and continue to fall in 2025. The country also stands to benefit from the increased price of oil, which makes up a third of its exports.
The Economist Intelligence Unit predicts President Gustavo Petro will face an increasingly difficult economic environment of tighter fiscal constraints and lackluster private investment as a result of his unfriendly stance towards the hydrocarbons sector, including the suspension of all new oil and gas contracts. While forecasting a modest economic recovery on the back of ongoing disinflation and monetary easing cycle, the latest EIU report expects real GDP growth in 2024-28 to remain below Colombia's historical average.
Political Conditions
In 2022, Colombia elected Gustavo Petro of the coalition Pacto Historico as president, its first leftist leader, and Francia Marquez, became the first black person elected as vice president. Petro, who in his youth was a member of an armed guerilla movement that evolved into a political party, has post-graduate qualifications in economics and human rights studies.
During his time in office, Petro has championed social justice, environmental justice, and change for women. Under his presidency, Colombia approved the Escazú Agreement, the most important environmental protection treaty adopted in Latin America, which had previously been rejected four times. Just three months into his term, he successfully spearheaded a tax reform bill that would increase taxes on high earners, single-use plastics, and oil. Congress also approved his four-year national development plan, which focused on addressing poverty.
However, his approval rating has steadily declined from a high of 60% when he took office to 26% by the beginning of 2024. Contributing factors to this slide include crime, stalled reforms in the legislative branch, the arrest of the president's son in a money-laundering scandal involving campaign finance, disagreement with the Attorney-General, wholesale changes to his cabinet lineup, and a scandal embroiling his former chief of staff. Petro was also dealt a sobering defeat in Colombia’s local and regional elections in late 2023 as voters in the country’s major cities turned their backs on his candidates.