All rights reserved. Business Freedom 66.5 Create a Graph using this measurement, Labor Freedom 55.0 Create a Graph using this measurement, Monetary Freedom 81.2 Create a Graph using this measurement. For the economy finally to break through this inertia and begin a sustained trajectory toward greater freedom and prosperity, the government, while continuing its broadly orthodox economic policies, will need to find the will to undertake politically difficult reforms to liberalize labor policies and reduce budget deficits. Costa Rica’s economic freedom score is 65.8, making its economy the 68th freest in the 2020 Index. exclusive survey of global business confidence. Exports of bananas, coffee, sugar, and beef are the backbone of its commodity exports. ), active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016), the name means "rich coast" in Spanish and was first applied in the early colonial period of the 16th century, UTC-6 (1 hour behind Washington, DC, during Standard Time). See more from the 2020 Index. © 2020 Moody’s Analytics, Inc. and/or its affiliates and licensors. Costa Rica’s economy has been stuck in the mid-range of the moderately free category since the inception of the Index in 1995. Costa Rica: Economic activity nosedives at record pace in July. Costa Rica’s economy also faces challenges due to a rising fiscal deficit, rising public debt, and relatively low levels of domestic revenue. Tax Burden 78.9 Create a Graph using this measurement, Government Spending 88.4 Create a Graph using this measurement, Fiscal Health 39.7 Create a Graph using this measurement. Less than 3% of Costa Rica's population lives abroad. Economic activity dived 7.7% in year-on-year terms in August, matching July’s record contraction, according to the Central Bank of Costa Rica’s monthly activity index. The average number of children born per women has fallen from about 7 in the 1960s to 3.5 in the early 1980s to below replacement level today. A population pyramid illustrates the age and sex structure of a country's population and may provide insights about political and social stability, as well as economic development. 2.1% annual rate of change (2015-20 est. October 8, 2020 bananas, pineapples, coffee, melons, ornamental plants, sugar, corn, rice, beans, potatoes; beef, poultry, dairy; timber, medical equipment, food processing, textiles and clothing, construction materials, fertilizer, plastic products, bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment, US 41%, Netherlands 5.8%, Panama 5.7%, Belgium 5.4%, Nicaragua 5.2%, Guatemala 5.2% (2016), raw materials, consumer goods, capital equipment, petroleum, construction materials, US 37.1%, China 13.5%, Mexico 6.9% (2016), Costa Rican colones (CRC) per US dollar -, 21% of total installed capacity (2015 est. Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the incentives offered in the free-trade zones; Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. The top personal income tax rate is 25 percent, and the top corporate tax rate is 30 percent. Despite increased market competition, state-owned financial institutions dominate the banking sector and influence lending. Exports of bananas, coffee, sugar, and beef are the backbone of its commodity exports. Traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of its commodity-driven export economy, but Costa Rica is also one of Central America’s most popular ecotourism destinations and an exporter of medical devices and other high-value-added goods and services. Puntarenas San José Alajuela Guanacaste Limón Cartago Heredia. The area remained a colony for some two and a half centuries. Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the incentives offered in the free-trade zones;... Continue reading Economic Overview. ), multiple privately owned TV stations and 1 publicly owned TV station; cable network services are widely available; more than 100 privately owned radio stations and a public radio network (2017), 730 km (seasonally navigable by small craft) (2011), no regular military forces; Ministry of Public Security, Government, and Police (2011), Costa Rica and Nicaragua regularly file border dispute cases over the delimitations of the San Juan River and the northern tip of Calero Island to the International Court of Justice (ICJ); in 2009, the ICJ ruled that Costa Rican vessels carrying out police activities could not use the river, but official Costa Rican vessels providing essential services to riverside inhabitants and Costa Rican tourists could travel freely on the river; in 2011, the ICJ provisionally ruled that both countries must remove personnel from the disputed area; in 2013, the ICJ rejected Nicaragua's 2012 suit to halt Costa Rica's construction of a highway paralleling the river on the grounds of irreparable environmental damage; in 2013, the ICJ, regarding the disputed territory, ordered that Nicaragua should refrain from dredging or canal construction and refill and repair damage caused by trenches connecting the river to the Caribbean and upheld its 2010 ruling that Nicaragua must remove all personnel; in early 2014, Costa Rica brought Nicaragua to the ICJ over offshore oil concessions in the disputed region, transshipment country for cocaine and heroin from South America; illicit production of cannabis in remote areas; domestic cocaine consumption, particularly crack cocaine, is rising; significant consumption of amphetamines; seizures of smuggled cash in Costa Rica and at the main border crossing to enter Costa Rica from Nicaragua have risen in recent years.
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