Costa Rica Forum

PuraVida
Joined 2014
Posts: 313

3 years ago

Costa Rica’s dire financial situation

3 years ago

Two years after passing a controversial fiscal-reform project, Costa Rica remains on tenuous financial grounds. At an individual level, the pandemic and related measures have exacerbated unemployment. Nearly half of Costa Rican workers are unemployed or underemployed, representing tens of thousands more people in that situation compared to 2019.

At a national level, Costa Rica has the third-highest public debt in Latin America, according to a new report from the United Nations Economic Commission for Latin America and the Caribbean (CEPAL).

Public debt — the amount of money a government owes to outside debtors — reached 66.2% of Costa Rica’s GDP, trailing only Argentina and Brazil in the region.

Consequently, the government is spending more on interest payments. According to CEPAL, the amount Costa Rica allocates for interest grew more than for any other Latin American country over the last year. But even if Costa Rica does obtain IMF financing, experts say the country will face ongoing debt challenges.
More information at: https://ticotimes.net/2020/12/17/costa-ricas-dire-financial-situation

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