I am going to start this off by stating I am no expert on the economy… I just try to provide those interested in Costa Rica with helpful information regarding travel, business, and relocation to this beautiful country.
I am an avid reader of The Tico Times, Costa Rica’s leading English News Source. There is where I found an interesting article by Tico Times Staff Member Gillian Gillers, detailing the economic situation of Costa Rica.
It seems all the numbers are currently down in Costa Rica, causing many economists to declare a recession. The Central Bank, however, is not so quick to label it as such. (They have never declared a recession, actually.)
One of the factors hitting hard on the Costa Rica economy is the decreased amount of Gringos and other travelers pumping money into the tourism industry. With the situation in the United States right now, many are not thinking about traveling or relocating to Costa Rica, and tourism in Costa Rica is definitely feeling it. The number of hotel rooms occupied was down 5.5 percent last December.
The last two quarters of last year both had negative growth, which has spurred many to declare a state of recession.
President Oscar Arias has taken measures to protect the economy from an entire breakdown. He is open and honest about what Costa Rica is facing though: “The coming months will be hard. Poverty and unemployment will probably increase… People accuse me of being a pessimist, but pessimism is often just well informed optimism.”
For more on the story, check out the full article by Gillian Gillers on The Tico Times web-site.
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