Saturday 9 December 2023

Costa Rica’s economy would be the third with the highest growth in Latin America in 2023

National GDP would increase 3.8% this year and 3.4% next

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QCOSTARICA — Projections from the United Nations Economic Commission for Latin America and the Caribbean, known as ECLAC, or in Spanish CEPAL, indicate that Costa Rica is anticipated to have the third highest economic growth rate in the region by 2023.

The national Gross Domestic Product (GDP) would increase 3.8%, mainly due to external and internal demand, which have shown better dynamism than expected at the beginning of the year, according to the Economic Study of Latin America and the Caribbean published this month.

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“The current account deficit would be around 3.0% in 2023, given the good performance of exports under special regimes and the decrease in imports due to the reduction in international raw material prices. The inflation rate has registered a notable slowdown in 2023 and would be below the Central Bank’s target range (between 2% and 4%) towards the end of the year. The open unemployment rate would be around 10.0% in the last quarter of 2023,” the report states.

By 2024, the country’s economic growth is expected to be 3.4%.

Meanwhile, at the regional level an increase of 1.7% is projected for this year and 1.5% for 2024.

This low growth dynamic could be aggravated by the negative effects of a worsening of climate shocks, if the investments in adaptation and mitigation to climate change that countries require are not made, considers José Manuel Salazar-Xirinachs, executive secretary of ECLAC.

Panama and Paraguay would have the highest growth in the region in 2023, while the following year their growth would be 4.2% and 4% respectively.

Argentina is the country most affected by the recession and its economy would have a decrease of -3% in 2023 and -1.6% in 2024.

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Chile follows with an economic projection of -0.3% this year and 1.8% next year.

Countries with the highest economic growth in 2023 in Latin America, according to the ECLAC:

  1. Panama, 5.1
  2. Paraguay, 4.2
  3. Costa Rica, 3.8
  4. Dominican Republic, 3.7
  5. Guatemala, 3.4
  6. Honduras, 3.4
  7. Venezuela, 3.2
  8. Mexico, 3.0
  9. Brazil, 2.5
  10. Ecuador, 2.3
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