Economic Reactivation: Proposals from Businessmen

Reducing social security contributions, lowering the price of electricity and simplifying procedures in the country are part of the changes proposed by Costa Rica's private sector to reactivate the economy.

Monday, May 20, 2019

Representatives of different productive sectors agree that immediate actions focused on improving the performance of the Costa Rican economy should be implemented. According to the latest report of the Central Bank's Economic Activity, in March 2019 most of the economic activities moderated their growth with respect to the same month of 2018. See full report.

For the Costa Rican Chamber of Commerce (CCCR), the reduction of minimum social security contributions and better access to credit could improve the country's economic situation.

Also see "Businessmen Call for a Fast-Economic Recovery"

In the case of the Chamber of Industries (ICRC), lowering the price of electricity, allowing and promoting distributed generation, taking advantage of alternative sources such as geothermal and solar, as well as allowing the import of natural gas and refusing to block the possibility of its future exploitation in the country, would help reactivate the economy.

Francisco Gamboa, Executive Director of the ICRC, said to that "... the issue of energy must be addressed to reactivate the national economy. But there is also a need to simplify procedures and implement the laws of real estate guarantees and consortiums and take advantage of free trade agreements and the promotion of foreign trade. Exports outside the free trade zone are falling."

Businessmen in the agricultural sector also have proposals. Rigoberto Vega, vice-president of the National Chamber of Agriculture and Agro-industry (CNAA), explained that "... it is necessary to provide farmers with productive technologies and speed up the procedures for the registration of agrochemicals."

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More on this topic

Businessmen Call for a Fast Economic Recovery

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For the business sector, it is urgent for the Costa Rican government to start setting deadlines in the economic reactivation agenda, and in the changes that will be made to overcome competitiveness deficiencies.

According to the II Quarterly Business Survey, there are multiple deficiencies in the topic of competitiveness.

Boosting the Economy is Urgent

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Businessmen in Costa Rica ask the government to complete projects that promote the reactivation of the economy next year, where construction and agriculture are the highest priority activities.

In addition to the economic rebound, the Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP) expects the country not to focus on single-issue discussions, as happened in 2018 with the fiscal plan.

Is Panama Burned Out?

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One of the best parameters of the strength of an economy is the amount of businesses it creates. In Panama, 47% fewer companies were created in 2017 than in 2016.

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Panama: Actions Proposed for Economic Reactivation

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Speeding ​​up the execution of public projects and creating a public-private entity that enhances exports, are some of the proposals put forward by the business association to reactivate different economic sectors.

From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:

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