Costa Rica Is
In Recession, Government and Central Bank
Recognize
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Costa Rica Is
In Recession, Government and Central Bank
Recognize
Costa Rican president, Oscar Arias, and the
president of the Banco Central, Francisco de
Paula Gutiérrez, recognized yesterday that
the country is in a recession.
Both, separately, confirmed the recession
after two consecutive trimesters of negative
economic growth. Gutiérrez added that the
Gross National Production may even be lower
than then 2.2% forecast by the central bank
at the beginning of the year.
"If there are drecreases in two consecutive
trimesters, then, we are in a recession, but
we should be surprised. I always maintained
that growth in 2009 could be possible be 0
or even be negative", said Arias.
The president explained that the contraction
in the economy has been in employment and
could soon affect family income an poverty.
A number of Costa Rican economists agree
with the statments of Arias and Gutiérrez,
adding the importance of defining the state
of the economy for the country to face the
reality and take measures against the
situation.
Costa Rica's last recession was between 2000
and 2001. However, economists believe that
this recession may be the worst faced by the
country since 1982.
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