Costa Rica announces multi-million dollar investment to stimulate economy and jobs
The Costa Rican government announced on Friday a public investment of $9.526 billion dollars as part of a strategy to boost the economy and reduce high levels of unemployment.
The investment will go to road, educational, airport and hospital infrastructure projects, as well as energy, health, safety and justice projects, said Minister of Planning and Economic Policy, Pilar Garrido.
“The most important national challenge is for Costa Rica to generate more jobs, grow more and improve the situation of all households,” said President Carlos Alvarado when presenting the National Growth, Employment and Welfare Strategy.
The plan was announced in times of concern about the weak growth of the Costa Rican economy and high unemployment rates.
Last July, the Central Bank revised downward the growth projection for this year, to 2.2% from an initial forecast of 3.2%, while unemployment reached 11.9% in the second quarter of 2019.
Garrido explained that, in addition to public investment, the strategy includes actions to stimulate private investment by streamlining procedures to open businesses and credits for small tourism businesses.
It also includes actions to promote the hiring of unemployed people and the simplification of procedures that make employment formalization difficult.
You may be interested
Google recognizes Independence Day with Costa Rican flagThe Tico Times - September 15, 2019
The search engine giant is recognizing Costa Rica with a Google doodle honoring today's holiday. Today, in honor of Independence…
Costa Rica celebrates Independence DayThe Tico Times - September 15, 2019
Happy Independence Day from all of us at The Tico Times! Today, Costa Rica celebrates 198 years of independence. It's…
Watch: Keylor Navas makes big save, posts clean sheet in PSG debutAlejandro Zúñiga - September 14, 2019
Keylor Navas posted a clean sheet as part of an impressive debut with PSG on Saturday. The Costa Rican goalkeeper…