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La Nacion, October 19, 2009 – The economy of Costa Rica has avoided the majority of the impact from the global economic crisis, but the government must advance fiscal and financial reforms to guarantee growth, according to the International Monetary Fund (the IMF), in its most recent report.
With good results, the Costa Rican government implemented a policy focused on preserving the stability of the economy and supporting the incipient recovery. According to an IMF official, who recently visited Costa Rica to evaluate its performance, “the economy of Costa Rica will grow during 2010.”
In April 2009, the IMF approved an interim loan for Costa Rica of $735 million dollars, to endorse the policies of the country. On September 25, the IMF authorized an additional payment of $65 million dollars.
The economy of Costa Rica will contract 1.5% during 2009 and then grow 2.3% during 2010, according to the report. The IMF greeted the declivity of the inflation during this year, after which in 2008 closed in 13.9%.
Additionally, the IMF stated that the banking system in Costa Rica has remained healthy. But to maintain consistent growth, structural reforms in the areas of fiscal income are needed to improve financial opportunities. Also recognized in the IMF report, reduction of the fiscal deficit and social costs could be reached through more efficient tributary collection.
There front page of today’s La Republica newspaper (19.10.09) features an article about how the “crisis” really hasn’t affected demand for real estate in the east and the west side of San Jose.
The front page headline says that:
Alta demanda inmobiliaria calienta extremos de la capital.
Or.
High real estate demand heats up both ends of the capital.
They begin by saying that:
“Escazu, Santa Ana, Curridabat, and certain districts in central San Jose are the hottest zones in the real estate business.”
Bottom line? There has been a lack of product in our area and therefore prices for real estate in these areas have NOT come down at all…
Hmm! Where have I heard that before?
Oh! That’s right Tom. You and I have been saying this for years and I have been writing about it for years and a few people have been telling me I have been telling fairy tales for years…
This situation may change with the huge number of building permits that are in the works for projects in San Jose, Escazu and Santa Ana… But that won’t happen for some time.
Scott Oliver – Founder
WeLoveCostaRica.com
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