Costa Rica s central bank lifts growth forecast amid manufacturing rebound reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Economic Growth, Business and Costs
High social charges, excessive regulations for businesses and the high price of labor are factors that prevent Costa Rica s economy from reaching its growth potential.
Thursday, March 11, 2021 In Costa Rica, establishing a personally owned company without employees is up to three times more expensive than what it can cost in a country that belongs to the Organization for Economic Cooperation and Development (OECD).
An analysis prepared by the Central Bank of Costa Rica (BCCR) states that in OECD countries the average cost of establishing a personally owned company without employees amounts to $100, which is considerably less than in Costa Rica, which is around $300. According to the monetary authority, in Chile and Mexico the cost is practically zero.
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Days after the tourism sector requested an extension in the assessments on the payment capacity, which must be carried out by the financial entities of the debtors, the Central Bank of Costa Rica the legal and regulatory conditions are already in force.
Costa Rica, which has already started its vaccination campaign against Covid-19, will have a gradual economic recovery from 2021, conditional on Congress approving a fiscal adjustment negotiated with the IMF, the Central Bank anticipated on Friday.
The Costa Rican economy, which contracted 4.5% in 2020 due to the impact of the pandemic, will grow 2.6% this year and 3.6% in 2022, said the president of the Central Bank (BCCR), Rodrigo Cubero, when presenting the annual macroeconomic program in a teleconference.
He also predicted that the fiscal deficit, which last year reached the historic figure of 8.1% of GDP, will be around 7% this year and 5.9% in 2022.
The BCCR maintained the inflation target of 3% per year for the coming years, although in 2020 it closed at 0.9%.
The Central American country's fiscal deficit reached 8.3% of GDP in 2020, the highest in the last four decades, although lower than the Central Bank's 9.2% projection.