During the fourth month of the year, economic activity reported an interannual growth of 2.8%, an increase that is below the average growth rate of 3% reported in the last eight years.  On top of this awards of bank loans went up 6% with respect to February 2017, half the rate it was growing at a year ago.

See: "Public Finances Still Deteriorating"

Regarding the current situation of the local economy, Bernardo Alfaro, head of the General Superintendence of Financial Institutions, explained to Nacion.com that " ...'After the crisis of 2008 this is the most difficult moment without the slightest doubt. The crisis of 2008 did not affect us because we had not contaminated ourselves in the sense that the Costa Rican investment funds, the pension operators did not have international investments in junk products, as happened to many companies (...) happily that didn't come to Costa Rica'. "

Alfaro added that " ...'The situation today is very different because those of us who are in trouble are the Costa Ricans, more than our commercial partners, that is a much more internal problem, but it is still going to be tested, depending on the speed with which we can correct the deficit.'"

Gonzalo Delgado, president of the Union of Chambers and Associations of the Private Business Sector (Uccaep), said that " ...In 2008, it was a global crisis and what we are experiencing today is a complex internal situation ... "What we can agree on is that the solutions must be quick in order to minimize the effects of the current situation.""

Source: Nacion.com

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