Colombia's market economy grew steadily in the latter part of the 20th century, with gross domestic product (GDP) increasing at an average rate of over 4% per year between 1970 and 1998. The country suffered a recession in 1999 (the first full year of negative growth since the Great Depression), and the recovery from that recession was long and painful. However, in recent years growth has been impressive, reaching 6.9% in 2007, one of the highest rates of growth in Latin America. According to International Monetary Fund estimates, in 2012, Colombia's GDP (PPP) was US$500 billion (28th in the world and third in South America). Colombia's economy shrank by 6.8 percent in 2020 due to the effects of the COVID-19 pandemic. By July 2021, Colombia had more than 3.6 million COVID-19 cases and 95,000 deaths which resulted in increased medical bills and income supplements for the poor.