Monday 25 September 2023

Costa Rica is second to last in economic growth in Central America

It is anticipated that the country's rate will end the year at 2.9 and is projected to increase to 3 by 2024.

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Q COSTA RICA – Costa Rica’s economic growth, according to Forbes Centroamercica, will have the second to last GDP growth rate in Central America after analyzing the financial forecasts for the region with data from the Instituto Centroamericano de Estudios Fiscales (ICEFI) – Central American Institute of Fiscal Studies.

This growth rate is expected to be 2.9 percent, increasing to 3 percent in 2024. Panama is predicted to have the highest GDP growth rate, remaining at 4 percent for both years.

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Honduras was the second-highest growth rate of the year, ending with 3.5%, and is expected to increase by one decimal point by 2024. Guatemala was third with 3.4% growth in 2023 and 3.5% in 2024.

“Financial indicators in Central America seem more controlled, but there are many pending indicators ahead with economies that depend on the ups and downs of their main trading partner, the United States, while China’s presence in the region grows and migration continues its trend,” says the report.

Costa Rica is part of the Franja y la Ruta (Belt and Road) Initiative, which is being pushed forward by Beijing, along with El Salvador, Nicaragua and Panama.

China has invested close to US$810 million dollars in infrastructure, transport, and technologies in Costa Rica.
The largest obstacle for the region is the implementation of public transparency and anti-corruption rules, with Guatemala, Honduras, and Nicaragua needing to act swiftly.
According to the Organization for International Transparency, Costa Rica has achieved a score of 54 in the Corruption Perception Index (CPI).


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