In Costa Rica, the growth of credit granted in U.S. currency to the private sector is the lowest in a decade.
Credit to the private sector does not show signs of recovery and, instead, the data available until August show an additional deterioration that took it to its lowest point in 10 years, reporting a year-on-year fall of -0.01%.
The greater interest in studying social sciences and the lesser inclination for training in technical or scientific areas may be partly because of the preference of professionals for employment in a government institution rather than in the private sector.
According to data from the National Council of Rectors (Conare), between 2006 and 2016, in Costa Rica the careers in the area of Social Sciences registered the highest growth according to the proportion of graduates, going from 36.2% to 45.5% of the total number of students.
When public resources are very limited, as it happens in Central American countries, association schemes between the State and the private sector become essential for developing the infrastructure that the region so badly needs.
A report from the Secretariat of Economic Integration (Sieca) states that "...In Central America, growing fiscal constraints faced by the countriespublic sectors make it increasingly difficult to achieve efforts for long-term infrastructure projects.In this context, Public-Private Partnerships (PPP) become relevant as an alternative measure of financing where private participation sector is facilitated in partnership with the government, with the aim of improving quality of services, reducing operating costs and capital, generating additional income, improving public management and minimizing budget spending.
Consumption by private companies and households went up by 4.6% in the first half of the year, exceeding the average growth rate of 2% of its main trading partners.
An example of the pace at which private consumption has been growing in the country is the relevance it has taken on in the bank's loan portfolios. Deputy general manager of Banco Nacional de Costa Rica, Bernardo Alfaro, explained that"... These kinds of operations rose from 28% of total credit seven years ago to 32% today."
The Costa Rican company increased its sales by 2% compared to 2014, thanks to the dynamism of flavored alcoholic beverages in the US, foods in Guatemala, and beers, wines and spirits in Costa Rica.
Flavored alcoholic beverages, especially in America, and increased profitability in beer, wine and distilled drinks in Costa Rica and food in Guatemala, boosted Costa Rica Florida Ice & Farm's operating income in 2015, reaching $179 million, 13% more than in the previous fiscal year.
In the face of virtual political paralysis the productive sectors have agreed to an agenda of projects and initiatives to promote economic growth and employment generation.
From a statement issued by the Costa Rican Union of Chambers and Associations of Private Business Sector:
The installation of a free trade zone in Guanacaste has been announced which will house high tech service companies who will be supported in their demand for human capital by the Invenio University with its dual model of education.
From July 2015 a minimum wage increase of 0.94% will be in effect in the private sector of all categories included in the official decree.
From a statement issued by the Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP):
Private sector minimum wages will rise 0.94%
The National Wages Council has set an increase of 0.94% for minimum wages of workers in the private sector, to be in effect from July 2015. The increase is for all categories included in the official decree.
Growing institutional weakness in several countries of the isthmus brings to the forefront the responsibility of the business sector to keep the economy of this region moving forward.
Currently, the governments of several Central American countries are showing signs of weaknesses which - to different degrees- point to a sharp decline in institutional quality. Whether due to severe episodes of corruption, as is the case in Guatemala, or because of the notorious political inexperience such as in Costa Rica, or exacerbated by populist practices such as in El Salvador, the normal functioning of the economy is being hampered, taking away the ability to compete in real productive activities, and opeing the floodgates to lobbying actions on the part of businesses, to the detriment of those improving the quality of their products and services.
The benefits to the country's competitiveness are to be found exactly in the requirements demanded of the public policies needed to join the OECD.
Representatives from the Costa Rican Chamber of the Food Industry argue that the eventual accession to the Organization for Economic Cooperation and Development (OECD) is an opportunity for improving "... key aspects of competitiveness for Costa Rica."
Businessmen in Costa Rica recognize the progress made by the government, but are calling for an acceleration in the process to eliminate the duplication of paperwork which still prevails in several institutions.
Currently we have a clear agenda to deal with the Ministry of Agriculture and the Ministry of Economy, Trade and Industry regarding outstanding issues and the reduction in the number of requirements for starting a business and those for established businesses.
The growth rate of investment in fixed capital and company stocks went from 12% in the third quarter of 2013 to 3% in the last quarter of 2014.
There are now five consecutive quarters of deceleration in the growth rate of investment by firms in the country, according to data presented by the Central Bank of Costa Rica.
Product marketing companies are paying the highest average monthly salary, of $2,234, followed by those in the technology and communications sector, with $2,172, and thirdly, service companies, with $2,008.
A study by Talent Partner carried out for La Nacion indicates that in general "...
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