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    Costa Rica´s Classification to the World Cup Will Increase Consumption, but Interest Rates, Dollar, and Inflation Will Remain the Same

    The expert points out that various economic variables will continue to be uncertain

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    One week before Costa Rica‘s qualification for the World Cup in Qatar, speculation about everything that could improve in the economic field is not so real and experts call for caution.

    One of the most frequent queries or questions is whether the dollar exchange rate could be stabilized, however, the economist Jorge Benavides clarifies that many variables are combined with the situation with the exchange rate.

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    “The exchange rate has variables that are economic and others that are not, the increase in interest rates, the oil conflict between Russia and Ukraine, the container crisis, and addition to the strong uncertainty that exists in Costa Rica as it does not have yet an economic recovery, therefore, the fact that Costa Rica goes to the World Cup or not is not going to change the exchange rate”, explains Benavides.

    Prices

    Another element highlighted by the expert is that the price of products as a result of inflation does not have a “Sele” effect either, since this element is linked to what Costa Ricans earn versus prices. The same goes for interest rates on loans.

    What Benavides does detail is that the World Cup effect in Qatar will trigger high consumption, “as has been seen during the pandemic, people continue to consume despite being in a crisis and this was evident in the playoff match where all the bars and restaurants were full during the two hours of the match”.

    The expert recalled that the World Cup in Qatar will coincide with the date for the payment of bonuses, “then many people will spend the card consuming the bonus and an increase in consumption will be evident, but inflation will not change, nor will prices in the exchange rate or rates of interest”.

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