The first left-wing government in Colombia’s recent history leaves behind it a legacy of social highlights and fiscal shadows. The unemployment rate is at a 21st-century low and multidimensional poverty fell to single digits for the first time. Tourism expanded and some agricultural sectors experienced a boom. Those achievements coexist with a fiscal threat and weak investment that could jeopardize the future. Profligate public spending, borrowing at high rates, and stable tax revenue have tightened the fiscal envelope. According to the UN Economic Commission for Latin America and the Caribbean (ECLAC), Colombia is already the Latin American country with the second-worst fiscal deficit.

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