The Costa Rica News (TCRN) – This past week Costa Rica announced its invitation to join OECD (Organization for Economic Cooperation and Development), an international organization for advancing industrialized nations and emerging nations.
Excerpt from ODEC Press Release on Costa Rica: “09/04/2015 – OECD Member countries agreed today to open membership discussions with Costa Rica and Lithuania. The decision was taken during a meeting of the OECD’s governing body, the Council, in Paris. It follows the decision taken by Council in May 2013 to work closely with Costa Rica and Lithuania to prepare for their future accession process. In response, both countries approved Action Plans in 2013, designed to align their policies with OECD standards and to participate in OECD bodies. OECD Members have expressed their satisfaction with the implementation of these Action Plans and concluded that the participation of Costa Rica and Lithuania in the OECD’s activities has served a mutual benefit.”
The Organization for Economic Co-operation and Development promote policies to improve the economies and societies of member nations around the globe. OECD was established in 1948, and today, there are 34 member countries worldwide that work together to identify problems and provide solutions and promote policies to these issues. Member nations in OECD make up about 63 percent of the global economy, and focus on key issues such as policy on taxation, energy, investment, transport and the environment.
President Luis Guillermo Solis welcomed the news calling it as a major “milestone”. The Solis administration has pushed for OEDC membership acceptance. Membership process in OEDC can take up to two years.
Costa Rica, known as a poster child for renewable energy and ecotourism as well as its ability to attract multi-national technology conglomerates, would become the third Latin American country in the OECD, after Chile and Mexico and the first for Central America.
The Costa Rica News (TCRN)
San Jose, Costa Rica
Costa Rica Facts:
In the past decade, the middle class in Latin America grew 50%. Costa Rica has the fastest growing middle class in Central America.
According to the World Bank, Costa Rica’s economy ranks 81st in the world by size with $49.6 billion in 2013.