$70B Infrastructure Program in Colombia Will Stimulate Fleet Sales
Colombia has embarked on gigantic $70 billion infrastructure program, which promises to stimulate fleet sales to construction and engineering businesses in the country, according to a report by PCW.
Colombia is a mid-sized economy that is well poised to grow in the short to medium term, said PCW. The stabilization or, in some cases, increases in commodity prices over the past year and the depreciation of the Colombian peso will further strengthen the economy.
In 2016, low-commodity-prices depressed the country’s important mining and energy sector and led consumer confidence to fall to historic lows, according to a report by Automotive Fleet magazine on the Colombian fleet market.
However, despite the mixed macroeconomic trends, life for middle class Columbians has improved. “The percentage of middle class grew from 13% to 20% between 2006 and 2014,” said Marcelo Tezoto, manager, pricing and competition analysis for GM in South America. "This expansion of the Columbian middle class bodes well for future automotive sales."