Colombia is Latin America’s fourth largest economy, as measured by 2011 GDP, and is endowed with abundant natural resources. Significant policy reforms since the early 1990s have led to a modernisation of the economy. Prudent macroeconomic management has helped Colombia weather the financial crisis remarkably well. Several ambitious structural reforms are now under preparation, including on taxes, labour, pensions and the health care sector. These reforms, together with the improved security situation, the ongoing peace process, rising mining activity and strong commodity prices, are underpinning strong growth.