On the 23rd of May La Republica, Costa Rica reported on positive predictions for economic recovery made by Miquel Savastano, Assistant Director of the IMF (International Monetary Funds) Western Hemisphere region.
Mr. Savastano predicts that Costa Rica will be one of the first countries whose economies will recover in 2010. He bases these predictions on the sound financial and fiscal policies of the Costa Rican Government and Costa Rican central bank whose fiscal policies the IMF fully endorses.
More positive news comes from Nicolas Eyazaguirre, Director of the IMF Western Hemisphere region who is quoted as saying “Latin America in general will experience a quicker recovery than the larger economies” because “many countries in the region have responded to the crises with policies that boost production and employment. The outstanding feature being that six months after the collapse of Lehman Brothers, NO Latin American financial system has experienced a banking crisis. Liquidity is good and Latin American banks have little dependence on foreign financing.”
Click here to read the full article in La Republica and here to read more coverage of this story by Christopher Howard in the excellent Live in Costa Rica Blog
To read more about the IMF’s recent reports on Costa Rica’s fiscal policies click here
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