Monday 20 September 2021

Costa Rica Economic Outlook Up To May

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THE Q – Although the gradual process of credit dedollarization continues, the Central Bank has warned that a preference remains on the part of savers for instruments denominated in foreign currency.

From a statement issued by the Central Bank of Costa Rica (Banco Central de Costa Rica):

The Board of Directors of the Central Bank of Costa Rica, in article 12, session 5768-2017, of April 26, 2017, according to the provisions of its Organic Law and based on an analysis of the international and national economic situation, decided to increase the level of the Monetary Policy Rate (TPM) by 25 basis points (bp) to 2.50% as of April 27 of this year.

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The International Monetary Fund (World Economic Outlook Report, April 2017) estimates an improvement in world economic growth in the short term (going from 3.1% in 2016 to 3.5% this year); However, a warning was given of downside risks in the medium term, while structural constraints associated with weak productivity growth and uneven distribution of world income persist, as well as uncertainty over pressures for trade protectionist policies, particularly in advanced nations.

An improvement in the level of global economic activity coupled with the effect of measures aimed at reducing the supply of oil, meant that raw material prices could leave the lows recorded at the beginning of 2016. This pushed global inflation upwards and increased the likelihood of further increases in international interest rates.   

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