Industry: Optimism for 2020

In Costa Rica, businessmen from the industrial sector expect that next year the levels of economic activity will improve and the process of reactivation of production will be consolidated.

Monday, December 16, 2019

The Chamber of Industries of Costa Rica (ICRC) believes that in 2019 the country engaged in a spiral of uncertainty, as businessmen and consumers were affected by the application of value added tax (VAT) and changes in the income tax.

Despite this adverse context, in the second half of the year there was an upturn in economic activity, as from June to August positive signs have been reflected in the performance of the IMAE.

See "Costa Rican Economy: Signs of Recovery"

Pedro Morales, an economic advisor to the ICRC, told Nacion.com that "... economic activity adds up to five months of growth at moderate rates, a trend that must be maintained throughout 2020 with actions that help promote investment and job creation."

For the union, one of the most important challenges for 2020 is that the measures adopted by the Central Bank in 2019 (reductions in the Monetary Policy Rate and Minimum Legal Reserve) translate into effective reductions in active interest rates and more and better credit supply for the productive sector.

See full ICRC statement.

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