The economic impact of the COVID-19 crisis in Costa Rica, although it will be high, would not reach the levels of the rest of the region, according to the Organization for Economic Co-operation and Development (OECD).
This international entity agrees with the World Bank that it will be the worst recession since World War II, so their forecasts are made under two scenarios: one in the event that there is a new outbreak at the end of the year, and another that contemplates that the Pandemic will soon end.
Economic contraction in Costa Rica would be between -4.1% and -4.9%, figures more pessimistic than in the rest of the entities that carry out their projections, but not as serious with respect to what is expected for other Latin American countries, since the average will be -7.3% or -8.8%, with Argentina being the main affected. As for public indebtedness merely caused by COVID-19, it reached almost 1% of Costa Rican GDP, also lower than in other countries.
“We hope that the recovery will be gradual, with the lifting of trade and tourism restrictions; the response has been quick and is highlighted with innovative measures, such as the Protect Bond,”said Alberto González, regional member of the OECD.