June 11th, 2014 (InsideCostaRica.com) The World Bank predicts growth in Costa Rica’s domestic economy of 3.7% this year in its latest Global Economic Prospects report.
The World Bank projection is very close to the projection made by Costa Rica’s Central Bank of 3.8% in January.
The World Bank further projects growth of 4.3% and 4.6% for 2015 and 2016, respectively.
The estimate places Costa Rica at number 10 amongst 26 countries in Latin America and the Caribbean in terms of expected growth.
The economies of the Dominican Republic, Peru, Ecuador, Guyana, Nicaragua, Colombia, Paraguay, Bolivia and Panama are all expected to see more growth than the economy of Costa Rica.
The World Bank yesterday lowered its growth forecast for the world’s developing countries from 5.3% to 4.8%, and drew attention to deteriorating public finances of developing nations.
“The budgets of developing countries have deteriorated significantly since 2007. Nearly half of developing countries have fiscal deficits exceeding 3% of GDP, while the debt-to-GDP ratios have increased by more than 10 percentage points since 2007,” the organization stated.