Wednesday 22 March 2023

Costa Rican economy will grow 2.3% in 2023 and has major fiscal and employment challenges

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22 March 2023 - At The Banks - BCCR

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QCOSTARICA – National production will grow 2.3% in 2023 and 3.7% in 2024, according to the Organization for Economic Cooperation and Development (OECD).

At the same time, the country has enormous challenges in terms of unemployment, informality, public spending and fiscal discipline.

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Inflation will be high and this will make monetary policy more restrictive, slowing down private consumption in 2023.

This indicator recently closed a maximum of 12%, but it is expected to drop to 4.2% on average per year in 2024.

In addition, public spending will be contained and there will be more fiscal discipline.

“It is expected that the implementation of the public employment framework law will be key to complying with the fiscal rule and improving the efficiency of the public sector and generating annual savings of 0.8% of GDP,” the reported highlighted.

Exports will be penalized by weaker global growth in 2023 but will pick up steam in 2024.


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