The Costa Rica News (TCRN) – The IMF (International Monetary Fund) released an economic report on April 14th, 2015 that showed continued growth for the Central America region. Costa Rica landed in the middle of the Central American Seven (CA7) at position four, in the Emerging Market and Developing Economies: Real GDP. Here are Costa Rica’s projections, 3.8 (2015), 4.4 (2016), 4.3(2017).
Let’s take a look at the CA7 and some driving factors.
Panama took the lead for the CA7: Panama 6.1(2015), 6.4(2016), 6.0 (2017). Panama’s growth is keeping pace with the canal expansion and as well the country has been on an international advertising blitz recently and has been attracting more foreign tourist with 5.6% tourism growth in 2013.
Nicaragua placed second in the CA7, with plenty of optimism in the real estate market: Nicaragua 4.6(2015), 4.3(2016), 4.0 (2017). According to Wiki, in 2013, more than 1.2 million tourists visited Nicaragua, representing an increase of nearly a third from 2009.
Guatemala has been gaining back some of its momentum coming in third in the CA7: Guatemala 4.0(2015), 3.9(2016), 3.8 (2017). In April 2014, the Guatemala showed a 26% increase in tourism when compared to the year before in the same period.
Costa Rica came in at position four of the CA7: Costa Rica 3.8 (2015), 4.4 (2016), 4.3 (2017). Costa Rica hit another historical record of 2.52 million foreign visitors in 2014. Despite this record, the largest factors impacting Costa Rica growth seems to be the continuing rise of interest in Nicaragua.
Honduras has picked up but is continuing to struggle with internal issues that are still holding back foreign interests. Honduras 3.3(2015), 3.4(2016), 3.8(2017). President Juan Orlando Hernández declared tourism to be a national priority in January 2014. Honduras has a history of violence and very high homicide rates that continue to hurt them.
El Salvador at number six is still being plagued by rampant crime. El Salvador 2.5(2015), 2.5(2016), 2.0(2017)
Belize came in at position seven although having strong numbers in other areas. Belize set a new record for tourist arrivals with a total of 1,207,386. Belize has a small, privatized enterprise economy that is based petroleum export, agriculture, and tourism. Belize 2.0(2015), 3.0(2016), 2.5(2017).
For the full report click here: WORLD ECONOMIC OUTLOOK: UNEVEN GROWTH—SHORT- AND LONG-TERM FACTORS
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