Saturday 30 September 2023

Why is Costa Rica expensive?

Regulations are the most cumbersome among developed countries is one reason. Costa Rica is a country with the strictest regulations for setting up a new company, among the OECD member countries.

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30 September 2023 - At The Banks - Source: BCCR

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Q COSTA RICA – If you’re in Costa Rica and want to start a business, you’ll be facing the highest costs of all Organization for Economic Cooperation and Development (OECD) countries.

Consumer prices in Costa Rica are usually pricey due to a lack of competition since it’s hard to start up something new due to the many barriers set up by the government.

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The OECD, founded in 1961 to stimulate economic progress and world trade, located in Paris, works to encourage good practices and share info about economic and social matters between its member countries.

Costa Rica joined the OECD in 2021, becoming the Organisation’s 38th member country.

The Product Market Regulation Index (2023 data expressed as a cost index from zero up) shows that setting up a business in Costa Rica has the most obstacles of all OECD countries, as seen in the table below.

Costa Rica 2,32
Türkiye 2,29
Colombia 2,12
Canadá 1,76
Corea 1,71
Bélgica 1,68
Luxemburgo 1,68
México 1,61
Francia 1,58
Grecia 1,56
Eslovakia 1,52
Suiza 1,52
Japón 1,46
Austria 1,45
Polonia 1,45
Islandia 1,44
Israel 1,41
Chile 1,41
Irlanda 1,38
Finlandia 1,37
Portugal 1,34
Italia 1,32
Hungria 1,32
Czechia 1,30
Slovenia 1,29
Latvia 1,28
Estonia 1,27
Nueva Zelanda 1,24
Lituania 1,18
Noruega 1,17
Australia 1,16
Suecia 1,11
Países Bajos 1,10
Alemania 1,08
España 1,03
Dinamarca 1,02
Reino Unido 0,78
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