Saturday 25 June 2022

Costa Rica second OECD country in highest unemployment

The country is located only behind Spain

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QCOSTARICA – Costa Rica is the second country of the Organization for Economic Cooperation and Development (OECD), with the highest unemployment, located only behind Spain.

Until May of this year, the OECD revealed that Spain had an unemployment rate of 13.6%, followed by 13.2% in Costa Rica, 12.4% in Greece, 11.8% in Turkey, and 11.6% in Colombia.

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On Radio Monumental, economists see a pessimistic outlook for Costa Rica.

Economist, Gerardo Corrales, said that, if the current situation continues, the unemployment rate in Costa Rica could increase to 15% by the end of the year; Eduardo Sayegh, emphasized that unemployment in the country is structural, so there are political measures that can be adopted to promote economic growth.

Read more: OECD: Costa Rica is an “expensive country” due to lack of competition

According to the OECD, economic growth for Costa Rica will be 3.2%, while inflation will reach 5.7% by the end of the year.

The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and world trade.

Read more: Costa Rica officially becomes the 38th member of the OECD

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In 2015, the OECD decided to open membership talks with Costa Rica. On May 15, 2020, the OECD extended a formal invitation for Costa Rica to join the OECD, and it joined as a member on May 25, 2021.

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