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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.

Each was scrutinized in 10 categories, including internal controls, accounting records, and compliance programs.

From Odebrecht and the Panama Papers to court and Congress officials accepting bribes, Colombians are increasingly fed up with their nation's pervasive corruption.

The proposed reforms will aim to solidify macroeconomic stability, boost development, encourage public/private partnerships, strengthen regulation, and promote financial inclusion.