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South American economies "struggle in developing and retaining talent and are characterized by low levels of quality of life and reduced availability of skilled labor."

This is a fall from 2015, when Colombia ranked 103rd overall, and a substantial drop from its ranking of 84th in 2010.

Despite the drop — from 57th in 2017 to 60th this year — Colombia's overall score in the Global Competitiveness Report actually increasing by 0.1 points to 61.6.

Though slight, the body's upward revision for Colombia comes in contrast to the IMF’s overall expectations for the global economy.

"We have taken the issue of cybersecurity very seriously," said Asobancaria President Santiago Castro.

Though Los Andes continues to excel, the nation’s other institutions continue to lag behind many of their regional peers in the rankings.

Parque Arauco’s Colombian operations accounted for 14.2% of its revenues in the second quarter of 2018, according to the firm.

The visit will be a part of the secretary’s larger trip to South America, including stops in Brazil, Argentina, and Chile.

In April, Colombia, Brazil, Argentina, and others suspended their membership in an organization facing leadership issues and no consensus regarding relations with Venezuela.

The agreement intends to give Colombian companies the same access conditions as local firms to the markets of Brazil, Argentina, Uruguay, and Paraguay.