No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

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

The Lifeguards Who Transformed Playa Dominical in Costa Rica

Playa Dominical has a well earned reputation as one of Costa Rica’s premier surfing spots. Its powerful and consistent beach break draws riders from...

Argentina’s Navone Hands Djokovic His Earliest Grand Slam Exit in 20 Years

Novak Djokovic’s bid for a record 25th Grand Slam title ended almost as soon as it began Sunday night, with Argentina’s Mariano Navone pulling...

U.S. President Trump Announces Major Venezuela Oil Deal

President Donald Trump announced a sweeping oil agreement with Venezuela that he says will expand U.S. reserves, attract billions in private investment and eventually lower gasoline prices.

Costa Rica Scrapped the Three Month Driving Limit for Foreign Licenses

If you are driving in Costa Rica on a license from home, the rule you have probably read online is out of date. You...

Flash Flood Sweeps Away Guide and Hiker in Pérez Zeledón

Update, August 31: The excursion guide swept away in this incident was found dead Sunday evening. The Red Cross confirmed he was the only...

Costa Rica’s Caribbean Comes Alive for Puerto Viejo’s Wolaba Parade

One of the South Caribbean’s biggest cultural celebrations returns Saturday as the Wolaba Parade fills the main street of Puerto Viejo with music, dancing,...

Hilton Signs Luxury Resort and Residences Next to Manuel Antonio Park

Hilton has signed an agreement for its first LXR-branded property in Costa Rica, a seven-story luxury resort paired with 116 private residences on a...

Costa Rica’s August 31 Holiday Falls on a Workday for the First Time

Monday, August 31 is a national holiday in Costa Rica. Plan for a three-day weekend, closed government offices, and a payroll question if you...

Scientists Document a Rare Golden Ray in Costa Rica’s Northern Pacific

A small ray the color of a gold coin turned up in shallow water off Guanacaste, and researchers say nothing like it has ever...
🌴 The Weekly Pura Vida

Costa Rica, Once a Week

The week's top stories, weather & insider tips — delivered every Sunday. One email, zero clutter.

🔒 Free. No spam. Unsubscribe anytime.

Loading…

Latest News from Costa Rica

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