The latest oil price collapse coupled with the considerable economic fallout from the coronavirus pandemic has battered Colombia’s fragile economy. As the strife-torn Latin American country emerged from decades of civil conflict and narrowly avoided becoming a failed state , it pegged future development and economic growth on oil. While oil was responsible for Colombia’s considerable development and economic growth over the last decade, that dependence has left it extremely vulnerable not only to sharply weaker prices but the risk of essentially running out of crude. When that occurs, as the severe impact of the latest oil price collapse on Colombia’s economy demonstrates, it will push the Andean nation into a deep fiscal crisis. By the peak of the last oil boom in 2013, Colombia was experiencing extraordinary rates of economic growth. In 2011, Colombia’s GDP expanded by an impressive 7% year over year followed by 3.9% in 2012 […]