After the Legislative Assembly ratified the country's accession to the Organization for Economic Cooperation and Development, the business sector is of the opinion that this will help consolidate the institutional reforms needed to make the State more efficient.
The Assembly informed that by approving in the second debate the bill 22.187, which contains the agreement on the terms of accession, the deputies gave the green light to Costa Rica's accession to the Organization for Economic Cooperation and Development (OECD).
As a result of the economic crisis generated by the pandemic, it is estimated that four out of every five Central American companies were forced to increase their debts in order to sustain their operations.
According to the 2021 Regional Survey on economic reactivation prepared by the Federation of Chambers of Commerce of the Central American Isthmus (Fecamco), the resources obtained through indebtedness, served the companies to pay payroll, face rents and support operations.
Given the economic crisis generated by the covid-19 outbreak, nine out of ten companies operating locally reduced their revenues and one out of three made temporary closures.
Between May and August 2020, a COVID-19 section was included in the Directory of Businesses and Establishments (DEE) as part of the update, in order for businesses to indicate what the main effects of the pandemic were.
Companies with teams dedicated to innovation, organizational structures that allow for agile decision making and that quickly migrated to teleworking, are those that have best adapted to the new commercial reality.
The pandemic brought about a scenario of changes in the business models, the companies had to apply radical changes in an accelerated way in order to successfully face the challenges represented by the changes in people's habits.
Due to the economic crisis, it is expected that during 2021 the number of business alliances and company sales will increase, especially in the most damaged sectors, such as tourism, hotels, restaurants, entertainment, education and real estate.
The restrictions imposed by the governments of the region due to the covid-19 outbreak, has generated economic losses in most of the productive sectors, including reported business closures and increases in unemployment levels.
In the context of the economic crisis, it is estimated that companies in Central America have reduced the working hours of employees to an average of 32 hours per week.
As a result of the spread of covid-19 in the countries of the region and the imposition of strict home quarantines, demand for products and services has fallen considerably in most markets.
Currently at least 55 companies offer 89 types of masks that are manufactured using different types of polymers, with characteristics of design, production, thickness and above all, a wide variety of accessories and styles.
From July 1 to 3, the Ministry of Economy, Industry and Commerce (MEIC) conducted a search for information on the Internet and social networks such as Facebook and Whatsapp of commercial establishments throughout the country that promote their products and offer the option of home delivery.
Increasing demand, new competitors of all kinds and the manufacture of uncertified products are some of the changes that this business is bringing to the pandemic scenario in Costa Rica.
According to CentralAmericaData reports, in Costa Rica since January 5, 2020 the interactions on the Internet associated with cleaning products show a clear upturn.
Making safety and hygiene protocols visible, communicating the cases of covid-19 of its personnel and applying technology in processes to generate trust among its clients are some of the changes that companies must apply in this new business context.
The health emergency and the economic crisis resulting from the covid-19 outbreak changed everything at a global level.
After the first case of covid-19 was reported in the country, the private sector is asking authorities to close the borders partially or completely and to have people entering the nation examined and quarantined if necessary.
Jose Adan Aguerri, president of the Superior Council of Private Enterprise (COSEP), explained that among the measures taken by the companies for this emergency is the creation of a critical department so that the companies that the staff is working in three different places in case any of them is affected, have guns to measure the temperature of customers who come to the company and not allow them to enter with fever.
Identifying critical business needs and setting up plans on how to maintain supplies and operations, as well as establishing communication channels with suppliers to be informed in case of any eventuality, are part of the advice for companies.
The coronavirus has already affected the world economy, and its effects do not seem to stop. With countries in quarantine, financial markets in the black and international trade diminished, the economic outlook is not very encouraging, explains a document from the Guatemalan exporters' union.
On January 10, Laureate International agreed to sell Universidad Latina to the US conglomerate SP Costa Rica Holdings, a transaction that amounted to $22 million.
The agreement was that SP Costa Rica Holdings would make an initial payment of $15 million and the remaining $7 million would be cancelled within two years, if income and new student enrollment goals are met.
In Costa Rica, the Contentious Administrative Court ruled in favor of the companies who accused the government of damaging the local market, after the Solis administration banned the import of Mexican avocado in 2014.
The conflict, which remains unsolved, dates back to several years ago, when in May 2014 Costa Rican authorities decided to ban the import of avocados from Mexico, arguing the existence of the disease known as sun spot.
In 2019, 25 M&A files were submitted to the Costa Rican authorities, down from 40 in 2018, which can be attributed to the decline in economic activity.
Although in the second half of 2019 the Costa Rican economy began to report signs of recovery, last year was marked by a slowdown in the Monthly Index of Economic Activity (IMAE) and consumer uncertainty.
It is estimated that by 2019 there were 396,796 microenterprises operating from homes in the country, 10% more than the 361,404 reported at the end of 2018.
On average, each microenterprise has 13 years to develop its economic activity, but there are differences by sector: in the agricultural sector, the average is 20 years, in the industry sector is 14 years, in the trade sector is 12 years and in the service sector microenterprises have on average 11 years developing their economic activity, reported the National Institute of Statistics and Censuses (INEC).
Recognized Brazilian company of backhoe loaders, telescopic, articulated and other types of cranes looking for companies interested in representing the brand and distributing their machinery in Central America and Mexico. The company manufactures and sells telescopic,...
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