Costa Rica: Staff Report for the 2014 Article IV Consultation
February 4, 2015
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The economy recovered quickly from the global crisis of 2008–09, with healthy growth and low inflation. Growth has, however, slowed recently and is expected to remain subdued in the short run, since gains from recovery in the U.S. will be offset by the closure of the Intel manufacturing plant. Inflation is elevated, owing primarily to exchange rate (XR) depreciation triggered by global repricing of emerging market assets in early 2014. Risks to the outlook are tilted to the downside. Absent consolidation, large fiscal deficits would make public debt dynamics unsustainable in the long-run.
Subject: Economic sectors, Expenditure, Fiscal consolidation, Fiscal policy, Fiscal stance, National accounts, Public debt, Public sector
Keywords: authorities' effort, break, Central America, Costa Rican authorities, CR, Fiscal consolidation, fiscal consolidation plan, GDP, Global, government, ISCR, public debt debt ratio, Public sector, reform process, VAT law
Pages:
87
Volume:
2015
DOI:
Issue:
029
Series:
Country Report No. 2015/029
Stock No:
1CRIEA2015001
ISBN:
9781484337905
ISSN:
1934-7685
