Tuesday, 4 August 2020

Business Sector Proposes Essential Structural Changes

(QCOSTARICA) Costa Rica businessmen propose that given the economic crisis and the new normality that the country will face, the government should promote key strategies such as the sale of state assets, the transformation of public employment and the elimination of privileges in terms of pensions and salaries.

The Union of Chambers and Associations of the Private Business Sector (UCCAEP) presented to President Carlos Alvarado a document called “Pandemic Shock and Economic and Social Policies to Mitigate its Effects“, which seeks to provide a way out of the health and economic crisis resulting from the outbreak of covid-19.

The policies suggested by the UCCAEP include: support for individuals, companies and employment, macroeconomics, foreign trade and investment, exit strategies from social distancing, containment and reactivation in the short term, improvement of productivity and new bases for growth in the medium and long term.

For the trade union in macroeconomic matters it is “… fundamental to control the size of the fiscal deficit. For this purpose, initiatives that promote structural changes in the state, the sale of public assets, changes in public employment, removal of unjustified exemptions, elimination of privileges in pensions and salaries are welcome.

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Regarding strategies to maintain employment levels, employers consider that it is “… important to design incentives for companies to maintain or increase employment. They recognize the importance of measures to make labor markets more flexible and to reduce working hours during the crisis.

For UCCAEP, the Financial System and the Development Banking System play a fundamental role during the crisis and the recovery stage. Efforts must be made to channel adequate liquidity and resources to the productive sectors that most require it. The authorities of the financial sector should seek, by managing the risk levels and sustainability of the intermediaries, an agile access to financing at the lowest possible cost.

See Executive Summary of the proposal presented to the Government (in Spanish).

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