QCOSTARICA — Costa Rica will end the year in a very positive way. Interannual inflation will be negative, the dollar exchange rate will show a downward trend that will benefit thousands of debtors, and unemployment will remain close to 7%.
However, the most notable thing is that the good prospects at the end of the year will extend throughout 2024, according to several experts.
– Advertisement –
There is even a good probability that the Tasa de Política Monetaria (TPM) – Monetary Policy Rate – will experience a downward adjustment, which would reduce the interest paid by thousands of debtors on their loans.
All this translates into more investment, confidence in the economy, generation of more employment and, of course, a reduction in poverty.
“We have had a year with negative inflation for most of the year, and although it is expected to return to positive, we can say that Costa Ricans will have a very calm year in this matter. Regarding the dollar exchange rate, the expectation is that it will remain stable. Most likely it will be between ¢510 and ¢560 per dollar,” said Silvia Jiménez, manager at Inversiones de Mercado de Valores.
The macroeconomic situation will favor the attraction of more foreign investment to the country.
Furthermore, Costa Ricans could enjoy a 2024 without major shocks in the economy, as long as external situations do not arise that generate changes.
“It seems to me that in 2024 we Costa Ricans are going to have a fairly calm year. The truth is that we should not have any kind of inconvenience; Rather, this flourishing of new companies that are coming to Costa Rica could give us a rather benevolent year. What worries us most is security,” added economic analyst Daniel Suchar.
– Advertisement –
On the other hand, several businessmen pointed out in interviews with La Republca, Costa Rica’s leading financial newspaper, the challenges of 2024 with the aim of the economy continuing to grow.
Stabilizing the dollar exchange rate, improving citizen security and strengthening the business climate in Costa Rica through the validation of 4×3 word days are some of the urgent tasks for the government.
Likewise, it is essential that Costa Rica advances as soon as possible in the awarding of 5G networks and that there are more people trained in the new technologies.
Regarding the issue of the dollar, it is vital to stop the appreciation of the colon, since many companies receive their income in dollars and therefore, by having to invest more money in the country to pay for their operations, profits are reduced and with it hiring and investment, said Silvia Castro, president of the Cámara Costarricense Norteamericana de Comercio. (AmCham) – Nort American Chamber of Commerce.
– Advertisement –
“Despite being a favorable year, there are challenges to address. Essentially, the departure of Costa Rica from thethe European Union gray list and the implementation of 5G technology. It is also crucial to approve exceptional (work) days and strengthen national security policies, facing a problem that is intensifying and requires a multisectoral approach,” Castro said.
The businesswoman also emphasized the need to resolve the issue of citizen security, which has led the country to report record numbers of homicides, at the same time affecting the image of the country for tourism.
In this sense, Rubén Acón, from the Cámara de Turismo (Canatur) – Chamber of Tourism, pointed out that the country is putting its image as a peaceful destination at risk.
“It is urgent to address this situation by mobilizing the necessary resources to avoid a further deterioration of national security and not affect the image of the country,” Acón said.
Good news
The forecasts for 2024 are very encouraging in economic matters, according to experts, who see low inflation, a reduction in interest rates and a cheap exchange rate, among other aspects.
The positive projections for the Costa Rican economy are supported by numbers released by the Organización para la Cooperación y el Desarrollo Económicos (OCDE) – Organization for Economic Cooperation and Development, the Central Bank of Costa Rica (BCCR), the Universidad Nacional (UNA), independent experts and others, highlighting good growth in the economy and favorable conditions in other areas.
- Economic growth is expected between 3.5% – 4.3% in 2024
- Dollar exchange rate is expected to fluctuate between ¢510 and ¢560 per U.S. dollar
- Inflation is expected between 1.9% and 3%
- Monetary Policy Rate between 5.25% and 5.50%
- Unemployment, 9%
- Debt, 60.4% of GDP
– Advertisement –
Source link
Rico
