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

Costa Rica Offers Walk-In Immigration Fingerprinting in San José Today

Costa Rica is offering a special fingerprinting service in downtown San José this morning, giving foreign residents and immigration applicants an opportunity to complete...

Four Detained in Costa Rica Over Sedative-Spiked Rides From Bars

Costa Rican authorities detained four men yesterday who are suspected of offering rides to people leaving bars in San José, drugging them with a...

Lufthansa to Drop Costa Rica Route in 2027 as Sister Airline Adds More Flights

German airline Lufthansa will stop operating its flights to Costa Rica in December 2027, but travelers will not lose the connection to Europe. Instead,...

Costa Rica Pension Overhaul Could Require 30 Years of Work Instead of 25

Workers in Costa Rica's main public pension system could need five more years of contributions before they can retire, receive a smaller share of...

Expect Gusts Up to 85 km/h and Rain in Costa Rica This Weekend

Gusts could reach 85 km/h in Costa Rica's mountains and northern Guanacaste today, with rain in the Caribbean and storms in the South Pacific.

46 US Veterans Tried Ayahuasca in Costa Rica, Where Rules Remain Murky

Forty-six American veterans and first responders drank ayahuasca at a Guanacaste retreat to ease combat trauma. Their stories are moving, but the evidence is thin and Costa Rica's rules remain unsettled.

Costa Rica Hotel Wins Two World Travel Awards, Putting Tárcoles in the Spotlight

A hotel on Costa Rica's Central Pacific coast has won two international tourism awards, bringing attention to Tárcoles, a area known for its crocodile-filled...

US Tourist Breaks Leg in 10-Meter Fall at Costa Rica Waterfall

A US tourist broke his leg in a 10-meter fall at Costa Rica's Cinchona waterfall, sparking a nearly five-hour rescue.

JetBlue First Class Is Coming to Three Costa Rica Routes This Winter

JetBlue's BlueFirst first class reaches Liberia Dec. 26 and San José Jan. 5. Here is what the new cabin includes.
Loading…

Latest News from Costa Rica

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