Our internal estimates are much more optimistic than those of other nations in the Organisation for Economic Co-operation and Development, who have not yet adopted these reforms. This has allowed us to open up the markets for rice production, medicine and the pharmaceutical industry, creating greater confidence in our private sector. Over the past few years, we have implemented a series of structural reforms designed to break up monopolies previously granted by outdated legislation to powerful private groups. We are confident that Costa Rica’s gross domestic product will increase by at least 2.6 percent in 2023. What are Costa Rica’s economic expectations in 2023? In addition, we have also applied for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – a conglomeration of eleven nations. At present, we are actively negotiating a bilateral free trade agreement with Ecuador and our eyes are set on joining the Pacific Alliance on November 25, 2022. We have conformed to the World Trade Organization’s regulations concerning avocados – a topic that had previously been restricted by prior administrations. Many are confident that Costa Rica can continue to make progress and improve the lives of its citizens with similar initiatives in the future.Ĭosta Rica has re-emerged onto the international stage. These developments give legitimacy to our structural reforms and demonstrate the effectiveness of our efforts. Polls show an unprecedented 86.8 percent approval rating for the government, which has been met with enthusiasm from both the Costa Rican citizens and the international community. This success could not have been possible without the overwhelming support from the people of Costa Rica towards the new administration. All quantitative targets and benchmarks have been surpassed, contributing to the sustainability of our microeconomy under an International Monetary Fund program. Although inflation remains a challenge and interest rates have had to be raised, Costa Rica is faring better than many other countries affected by the global climate.īank of America has recently praised the budget proposed by Costa Rica’s government to Congress for 2023 as ‘heroic’. Moreover, tourism is reviving, facilitating an influx of foreign exchange dollars, while exports from free trade zones are increasing as well. The exchange rate of the colón has appreciated by 10 percent in just a few months, indicating stability and confidence in the nation’s macroeconomic foundations. Dollar lens, Costa Rica stands out as an exception. However, in looking at international trends through the U.S. Additionally, the Organization of the Petroleum Exporting Countries have cut back on production, potentially leading to rising prices of oil. In Europe, Russia’s aggression against Ukraine is not to be tolerated. The current global climate is decidedly unpredictable. What actions is the government taking to address the challenges posed by the COVID-19 pandemic and other global crises? We have a vast free-trade zone system, meaning investors will find nothing but open arms when doing business in our country. Our nation is also one of the leading technology hubs of the world for biomedical microchip products, with exports amounting to nearly 10% of our gross domestic product. I recently mandated an opening of 5G frequencies, making Costa Rica one of the first nations in Latin America to have a fully-implemented 5G system. By investing in these areas, Costa Rica is positioning itself to remain competitive on the international stage.Īt the same time, this government is taking steps to rectify mistakes of the past two decades and fortifying our infrastructure. The National Institute of Learning (NIL) works with foreign investors to customize the skills required to produce their desired output, and places great emphasis on foreign language proficiency, particularly in English. To this end, Costa Rica is investing heavily in human capital and developing the necessary skill sets to compete on a global scale. In the modern world, nations must strive to add value to their production chains as well as delivery of services to remain competitive. With an impressive track record of democracy, human rights, and environmental protection we are proud to be powered entirely by renewable energy sources and have become the go-to destination for foreign direct investment (FDI). Why is Costa Rica an attractive destination for foreign investment?Ĭosta Rica is a small nation with a powerful voice. Rodrigo Chaves, President of the Republic of Costa Rica, has emphasized the accelerated economic changes brought about by his administration and the potential for investment in the country.
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