Costa Rica: Ideas to Save the Tourism Sector

Refinancing the debts of tourism companies, reviewing the exchange rate policy so that the country is not a very expensive destination and recovering the category of aviation security are some of the actions that the government should focus on to prevent the bankruptcy of this sector.

Wednesday, May 20, 2020

In addition to the millions of investments that have been made in this sector, it is very important for the country because according to official figures for 2019, its contribution to the Gross Domestic Product amounts to about 7%.

See "Tourism, Business and the New Commercial Reality"

According to economist Fernando Naranjo Villalobos, to prevent the tourism sector from falling into general bankruptcy as a result of the health crisis caused by the covid-19 outbreak, tourism companies must be saved through a rescue program that includes channeling financial resources via the Development Banking System.

Naranjo explained to that it is also necessary to "... guarantee that at least during the years 2020, 2021 and 2022 there will be special rates in the national market, including hotels, tour operators, car rental agencies and airlines. In addition, in terms of aviation security, it is urgent that the U.S. restore category 1 for Costa Rica, possibly requiring that President Alvarado make a presentation to the State Department and other U.S. government agencies."

You may be interested in "Tourism and Travel: Consumer Interests and Preferences"

For the economist "... The country can not continue with an artificial appreciation of its currency. One of the sectors most affected by the appreciation of the colon in recent years is tourism. Costa Rica is a very expensive destination, being the appreciation of its currency one of the main factors."

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Tourism and Insurance Opportunities

August 2020

The current scenario of reactivation of commercial flights and tourist activities, are an opportunity for insurers to increase their sales, since the hiring of a policy is a mandatory requirement for tourists to be allowed to travel.

Products that offer a refund in the event of having to cancel the trip due to illness, as well as coverage at the destination if the person becomes ill, both for medical expenses and for lodging in case a quarantine is needed, constitute a great opportunity in this context of the spread of covid-19.

Tourism with No Season and Slow Reactivation

June 2020

As a result of the covid19 outbreak, Costa Rica closed its borders to tourism and during April and May practically no visitors entered the country, a situation that will persist in the coming months due to the slow reactivation of the sector.

In order to mitigate the advance of the virus, by means of a government decree the authorities ordered that as of March 18 only Costa Ricans and residents could enter the country.

Tourism and Business Transformation

April 2020

New health and hygiene protocols in the establishments and the commitment to attract national tourists in an environment where short trips will be preferred, are some of the trends predicted in the new "normality" that will come after the quarantine period.

Given the quarantines decreed by most governments worldwide, it is anticipated that the habits of tourists will change dramatically in the short and medium term, as the crisis of covid-19 will leave consequences among consumers.

Tourism in Danger by Covid-19

March 2020

One of the most relevant sectors for the Costa Rican economy is declared in "Total Emergency and State of Calamity", as it is the first time in the "zero" season that total income ceases.

The Board of Directors of the Costa Rican Tourism Institute (ICT) stated that all State institutions, Powers of the Republic, Autonomous and Semi-Autonomous Institutions, as well as Municipalities throughout the country, are required to collaborate in the broadest and most expeditious manner within the framework that the serious reality demands, in order to alleviate the situation of the Private Tourism Sector.

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