Monday 4 December 2023

Costa Rica reached prepandemic level of economic activity, according to the IDB

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2 December 2023 - At The Banks - Source: BCCR

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QCOSTARICA –  Costa Rica, El Salvador, Guatemala, Nicaragua and the Dominican Republic have already reached the level of economic activity of 2019, confirmed the Inter-American Development Bank (IDB).

The recovery occurred for the region during 2021, however, the reactivation of employment has occurred at a slower pace than that of economic activity.

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This is due in part to the fact that the sectors with the greatest potential for generating employment, such as the construction, hotel and commercial sectors, lag behind others that are less labor intensive, such as manufacturing, telecommunications, energy and agriculture.

The IDB approved US$3.37 billion in support for the productive fabric, inclusive recovery from the Covid-19 crisis, employment, value chains, and digitization.

To generate quality jobs, the IDB’s strategy has focused on supporting the productive development of mipymes (micro, small & medium enterprises), which represent 99% of the companies in the region and contribute between 65% and 70% of the employment of the economically active population, through the promotion of exports, market access and financing of the productive fabric, with an emphasis on the incorporation of small rural producers in the main value chains.

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