Saturday 15 May 2021

Pessimism reigns among businessmen

Uncertainty would continue until the end of the year

Pessimism reigns among entrepreneurs, in terms of how the Costa Rica economy could close the year.

There is little possibility of growth without tax reform. Uncertainty would continue until the end of the year.

It is expected that the government will reach an agreement to have the 38 votes that would legitimize the tax reform bill, which would give businessmen clarity, otherwise, there is fear that both investment and consumption will slow down even more than what has already this year.

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Household consumption from July to September this year grew by 2.2%, the lowest figure since the beginning of 2017, the Central Bank said in its most recent commentary on the economy.

In terms of growth, it could be less than the 3.2% estimated by the Banco Central (Central Bank), taking into account factors such as uncertainty about the tax reform, the increase in interest rates, and the impact of the Nicaraguan conflict on trade.

The colon, on the other hand, has devalued little in the year, largely due to the intervention by the Central Bank of US$140 million since July. Even so, the colon devalued in the Monex wholesale market from an average of ¢572 in July to ¢580 last month.

However, in that period there were two movements of volatility that make economic agents even more uneasy.

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There is more pessimism than optimism while waiting to see if the tax reform will or will not be approved, leading to uncertainty among consumers.

Source (in Spanish): La Republica

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FACT CHECK:
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"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

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