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“With the stock markets booming and GDP predicted to grow in most major markets around the world, it’s no surprise CEOs are so bullish,” said Bob Moritz of PwC.

The increase was driven largely by a 5.94% spike in labor costs and 4.38% rise in the cost of materials.

Looking further ahead, the World Bank has forecast Colombian GDP to increase by 3.4% in both 2019 and 2020.

Improving credit conditions and economic growth have led to a stable outlook in 2018 for Latin American and the Caribbean.

Food costs, which spiked by 7.22% in 2016, saw the lowest increase this year among major economic cateogories with just a small rise of 1.92% in 2017.

Once completed, the planted is expected to generate 13,900 megawatts of electricity per year, or 18% of the Colombia's power capacity.

With oil prices jumping on supply disruptions in Iran and Europe, the Colombian currency reached 2,902 pesos to the dollar.

“This is a sign of the road to recovery,” said Colombian Minister of Commerce, Industry, and Tourism María Lorena Gutiérrez.

President Santos said the goal of the negotiation is “to maintain the income of workers but also to avoid a negative effect" for those who earn the minimum.

Santacruz de la Rosa has worked for the Bogotá-based public agency for more than 25 years.