OECD

The new representative of Costa Rica to the Organization for Economic Cooperation and Development (OECD), Ottón Solís, resigned from his position eight days after taking office due to backlash from Congress and business associations.

Costa Rica is the fourth Latin American nation to join the organization, based in Paris, after Mexico, Colombia and Chile.

Costa Rica will be the 38th member of the OECD and the fourth Latin American nation to be part of the organization, along with Mexico, Colombia and Chile.

Costa Rica's Congress gave the go-ahead for the country's entry into the Organization for Economic Cooperation and Development

After enduring the effects of Covid-19, Costa Rica will experience a gradual economic recovery starting in 2021.

The Costa Rican economy will contract between 4.1% and 4.9% this year compared to 2019, depending on the severity of the health crisis, according to the OECD.

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 ranked second in gender pay equity on a 37-country list led by Belgium, published last month by FiveThirtyEight.

Costa Rica hopes to soon count itself among the only Latin American countries, along with Mexico and Chile, out of the 34 OECD member states.

Can Costa Rica present itself as an advanced, or at least, soon-to-be developed economy, while also keeping one hand out for foreign aid? Some analysts say yes.