Costa Rica: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Costa Rica

International Monetary Fund

No 2016/131, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key issues related to the economy of Costa Rica. It bounced back quickly from the global financial crisis; growth has moderated below trend and macro vulnerabilities, mainly from the weak fiscal position, are rising. Policy actions have been broadly consistent with past IMF advice. A third year of growth below potential has resulted in a moderate output gap. The central bank took advantage of the favorable shock from lower oil prices to reduce its inflation target range. The exchange rate has been stable despite abandonment of band regime, and reserve accumulation has resumed strongly. The external position is close to equilibrium, with competitiveness largely unchanged in 2014–15.

Keywords: ISCR; CR; central bank; Costa Rican authorities; monetary policy; exchange rate; real GDP data; government package; authorities' effort; XR regime; Public sector; Fiscal stance; Fiscal consolidation; Global; Central America; Caribbean (search for similar items in EconPapers)
Pages: 90
Date: 2016-05-23
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