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

Costa Rica’s Alondra Ortiz Wins Gold in 200-Meter Butterfly

Costa Rican swimmer Alondra Ortiz won the women’s 200-meter butterfly at the 2026 Central American and Caribbean Games, delivering the first swimming gold medal...

U.S. Citizen Found Dead in Guanacaste as OIJ Investigates

The Judicial Investigation Agency is treating the death of a 75-year-old U.S. citizen found in Cabo Velas, Santa Cruz, as an apparent homicide possibly linked to a robbery at the property.

FIFA’s Plan to Sell World Cup Stakes Lands on Costa Rica’s Desk

Costa Rica's football federation has aligned itself with regional pushback against FIFA's plan to bring private investors into the ownership of its commercial operations,...

Costa Rica Orders AyA to Compensate Customers Over Excess Water Charges

An audit put improper water, sewer and hydrant charges at roughly ₡65.4 billion and gave AyA and Aresep until June 2027 to define how customers will be paid back.

La Negrita: Faith, Unity, and the Heart of Costa Rica

Today, thousands of pilgrims from across Costa Rica are arriving at the Basilica of Our Lady of the Angels in Cartago. They come on...

Serena and Venus Williams Set for Cincinnati Open Doubles Return

Serena and Venus Williams will play doubles together for the first time since 2022 after the Cincinnati Open handed the sisters a wildcard into...

Heavy Rain and Strong Winds Threaten Costa Rica’s Romería Weekend

If you are walking to Cartago this weekend, plan on getting soaked at some point. Plan also for wind strong enough to bring a...

Costa Rica’s Rebeca Grynspan Leads in Race to Head United Nations

Costa Rican diplomat Rebeca Grynspan emerged as the early frontrunner to become the next leader of the United Nations after receiving the strongest support...

Costa Rica’s Pacific Faces Drought as Caribbean Rainfall Soars

Costa Rica ended July with two sharply different weather realities: unusually dry conditions across much of the Pacific and Central Valley, and exceptionally heavy...
🌴 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