Colombia to start accounting for the digital economy

In the present, it is impossible to consider economic activities without the digital world. Tech and connectivity are fundamentally ingrained into the market, and in no way is it possible to consider one without the other.

Colombia is no different, and the higher spheres of government realize it, they have consistently supported initiatives in the technology and communications sector. The Ministry of Information Technologies and Communications held its Forum on the Digital Economy, oriented towards constructing a consciousness on the importance of the digital economy for the economy as a whole.

One of the determining statistics around which the conference was planned was the considerable significance of the digital economy on Colombia’s GDP. Between 2005 and 2015, as the country moved towards implementing digital market strategies, the digital economy accounted for 6.12% of the country’s GDP.

The problem with that metric is that it isn’t precise enough. In fact, Colombia boasts no accurate method to measure the impact of digital market transactions in the economy as a whole.

This incentivized Colombia’s Communications Regulation Commission to begin work on a document specifying indicators and procedures to accurately measure the impact of the digital economy on the country. The initial document will be available for a month to businesses and state organs to allow them to make contributions and share their thoughts on the matter.

The goal of developing these metrics is to allow decision makers to strategically maneuver in the economy while accurately taking notice of shifts triggered by the digital economy.

The move is the latest commitment of the Colombian government towards institutionalizing the digital market, which David Luna, Minister of Information Technologies and Communications, argues can benefit every sector of the populace.

Pedro Bernal

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