World Bank has approved a loan of 500 million dollars that in accordance with the Investment Social Law will allow the government to promote innovation in micro, small and medium-sized companies.
- Posted by Colombia
- On Monday September 27th, 2021
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World Bank has approved a loan of 500 million dollars that in accordance with the Investment Social Law will allow the government to promote innovation in micro, small and medium-sized companies and in projects related with environment and development sustainability. The National Administrative Department of Statistics (DANE in Spanish) revealed that the Colombian economy grew 17,6% in the second trimester of 2021 compared to the same period of 2020 in its original series. It should be noted that on this occasion all activities registered positive annual variations in their correspondent Gross Domestic Product (GDP). A special milestone for sectors such as construction, which this time grew 17,3% in the second trimester of 2021 (compared to the same period in 2020 when it fell 36.9%). However, DANE itself acknowledges that an important part of the growth of this activity is attributed to the effect of the statistical base (negative in the second trimester of 2020). It also stands out that manufacturing industry went from failing 24.9% in the second quarter of 2020 to growing 32.5% between April and June 2021. A similar phenomenon happened with trade, which went from failing 34.1% (second trimester of 2020) to grow 40.3% (second trimester of 2021). And artistic entertainment and recreation activities went from having a variation of its GDP of -33.7% (April-June 2020) to 83.8% (April-June 2021), being the sector that grew the most. In the case of the entertainment sector, the growth of more than 83% in the second trimester of 2021 is due to comparing the production of this year with the zero activity of theaters cinemas and concerts (among others) during the fists months of pandemic. Despite the positive annual changes, the DANE warns that the trimestral variation (second trimester of 2021 compared to the first quarter of 2021) registered a drop of 2.4%. This shows that the Colombian economy lost the pace of recovery between April and June, reflecting the effect of the national strike and the different blockages that were registered on the roads. The three days without (Value Added Tax) VAT were confirmed, which were authorized in the new tax reform, for the days; October 28th, November 19th and December 3rd of this year.