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3 years ago

How did corruption affect the gdp of Colombia? Is there a specific event that happened?

Social Studies

1 answer:

Mrac [35]3 years ago

3 0

Answer and Explanation:

In a country, especially when it comes to a developing country, corruption and the economy are highly correlated. Colombia is a developing country characterized by a high level of corruption and a low level or decrease in economic growth and opportunities.

According to studies, less corrupt countries show a high economic development whereas low-income countries, like Colombia, are characterised by increased rates of both corruption and reduced rates of economic development.

Corruption, violence, and drug trafficking negatively influence Colombia's economic growth, leading to the decrease in the overall score of its GDP by 1.6 points. According to Index of Economic Freedom, the strategies that are needed to improve and increase the country's GDP are stronger institutional reforms to improve the laws and reduce corruption.

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