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Economic Reform in Costa Rica

Costa Rica Business News – Although efforts have been made over the recent years, no country in Latin America can yet be considered “developed.” Costa Rica, however, is a great example of progress. They have faced economic reform since the mid-80s and internationalized their economy.

Economic Reform in Costa RicaIn the last 30 years, Costa Rica has implemented reform in policies related to trade and foreign investment. This resulted in more foreign direct investment. It is currently ranked second in Latin America for cumulative output growth and first in the fall of its rate of extreme poverty.

Costa Rica is being studied on its own, as well as in comparison to one of the nearby countries, Cuba. There are some key similarities.

Both countries value the role of the government in creating equity in income distribution. Costa Rica no longer leans toward central planning, nor has it privatized, as the rest of Latin America has.

It holds a large portion of the economy in state-owned businesses, as does Cuba. Minerals and fossil energy play only a small role in both countries’ economies. Both must face growth challenges in the export industry, in order to continue developing.

Human capital is a big part of the development strategy for both Costa Rica and Cuba. They must improve the quality and quantity of the workforce and reduce factors that cause citizens to emigrate.

 

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