Founded in 1961, the OECD is dedicated to promoting policies for economic and social welfare. Its member countries move 60% of world trade and represent 80% of global GDP.
Costa Rica's economy will experience a 3.6% contraction instead of a 2.5% expansion this year as expected before the pandemic, according to the Central Bank (BCCR).
South America's third biggest economy is in virtual default, according to Argentina's President Alberto Fernandez, who claims it is suffering a similar crisis to the worst of its history in 2001.
Costa Rica’s official statistics agency announced earlier this month that unemployment rose to 11.9% in the second quarter, one of the highest figures in recent years.
Latin America's second-largest economy will grow between 2 and 2.8 percent this year, the Finance Ministry predicted, lowering its previous forecast of 2.2 to 3.2 percent.
"The economic recovery has lasted six years and shows no signs of old age. Most notably job growth is strong and broad-based, and wage increases are set to accelerate more significantly as the economy approaches full employment," said Scott Hoyt of Moody's Analytics.
SANTIAGO, Chile – The economy of Latin America and the Caribbean will grow just 0.5 percent this year, half the previous forecast and the lowest level in six years, the United Nations said Wednesday.
WASHINGTON, D. C. – A strong U.S. economy and lower world oil prices will only mean good news for Central America next year, predicts the World Bank official directly responsible for the six-country region.
