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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.

The inaugural flight on the new route will take off on November 17 and tickets will continue being sold for weekend-only travel through April 28 of next year

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.

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

Bogotá was recognized for its "Laboratory of Innovation for Social Organizations” initiative that has helped promote citizen participation.

The retail giant plans to hire 400 people by the end of October and reach 600 employees by the end of the year.

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

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