HomeTopicsBusiness'Good times ahead' for Costa Rica’s economy, says Chinchilla

‘Good times ahead’ for Costa Rica’s economy, says Chinchilla

Days after Sunday’s election, President Laura Chinchilla hoped to regain the public’s attention with the announcement of positive economic news. But election news and questions about whether the unpopular president hurt the ruling National Liberation Party (PLN) at the polls lingered.

“The message from the Central Bank is that our economy is solid, stable, and Costa Rica has good times ahead,” said the president, citing growth of gross domestic product, low inflation and improving unemployment numbers.

The Central Bank’s economic outlook, released late last week, estimated that Costa Rica’s GDP could grow 3.8 percent in 2014, and 4.1 percent in 2015. The estimate is similar to estimates from the United Nations’ Economic Commission for Latin America and Caribbean released in December 2013 that forecasted 4 percent growth for the Central American country.

Vice President Luis Liberman said that preliminary figures from the National Statistics and Census Institute suggested that unemployment had fallen to 8.5 percent from 8.9 percent at the end of the third quarter of 2013. If the figure holds, it would mean the fewest Costa Ricans out of work in the last three years.

Despite the presidency’s optimism on improving economic conditions, poverty has remained stubbornly high at nearly 20 percent.

“The government’s policies have worked because the poverty level stayed even and did not rise,” said Liberman, defending the administration’s response, including keeping inflation at historic lows.

The vice president said that the global recession cost Costa Rica some 73,000 jobs. Since 2010, Liberman claimed that the economy generated 168,000 jobs.

“There are people who enter and leave poverty, and much of it has to do with employment,” he said, adding that if Costa Rica could maintain the current trend in growth and unemployment for “2, 3, 4 years,” poverty levels would eventually drop.

Questions about the timing of the news sparked questions about whether the ruling PLN was attempting to campaign for its candidate, Johnny Araya.

Araya finished a disappointing second in Sunday’s election after Luis Guillermo Solís of the Citizen Action Party surpassed him in polls and pushed the election to a runoff.

“I think that question is absurd, I feel like I shouldn’t even answer it,” Chinchilla said, denying the timing of the bank’s report was politically motivated.

When asked to comment on how perceived fatigue shown by her government might have hurt Araya and the PLN’s chances in the elections, the president responded, “When someone does nothing, there’s no fatigue.”

Chinchilla added: “These are circumstances to feel optimistic about as we open the year. We trust that the elements that we’ve achieved will pass on to the government that will take over on May 8.”

https://infogr.am/ticos-out-of-work8?src=web

Trending Now

Monteverde Went From 25 Dry Days a Year to Nearly 120, BBC Reports

Costa Rica's best known cloud forest is in the international spotlight this week after the BBC published a lengthy feature on Monteverde, reporting that...

Women in Costa Rica Can Now Choose a Female Uber Driver

Women in Costa Rica can now request a female Uber driver. Here is how Uber Mujeres works.

Costa Rica Banks Pay as Little as 436 Colones per Dollar – Here’s How to Get More

With the dollar at a record low, Costa Rica banks are paying 436 to 440 colones per dollar. Here is how to compare rates and avoid costly conversions.

Guided Hikes in Costa Rica Would Need ICT Licenses and Insurance Under New Bill

Companies that sell or lead guided hikes in Costa Rica would need a license from the Costa Rican Tourism Institute (ICT) and insurance covering...

Costa Rica Moves to Dock Pay for Education Workers Who Joined Strike

Costa Rica's government is moving to dock a day's pay from education workers who joined Wednesday's march against cuts to public education, after the...

Costa Rica Has Seized 74 Tons of Drugs This Year, a Total the US Calls Historic

Costa Rican police have seized more than 74 metric tons of drugs so far in 2026, according to the government, a total the United...

Bird Watching Helps Older Adults Stay Sharp, and in Costa Rica It Costs Almost Nothing

A study of 1,684 nursing home residents found bird watching supports memory, mobility and social wellbeing. Here is how to set it up at home in Costa Rica.

Banks and Businesses in Costa Rica Must Accept Digital ID Starting January

Starting January 1, 2027, banks, government agencies, businesses and other institutions in Costa Rica will be required to accept the Costa Rican Digital Identity...

Costa Rica’s First Female Extradition Suspect Faces Legal Battle Over Transfer to United States

Appeal pauses extradition of La Güera, the first Costa Rican woman ordered sent to the US on cocaine charges.
Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador
Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel