CENTRO COLON HOTEL, SAN JOSE COSTA RICA

Costa Rica Information

2008-02-04T15:17:00.000-08:00

World biosphere reserveWith the Caño Negro Wetlands at the core of it, UNESCO established a new world biosphere reserve. Agua y Paz (Water and Peace) is the name of the new ecological area and it is located in the northern part of Costa Rica, in the Los Chiles canton of the province of Alajuela. A biosphere reserve is an area of major natural wealth, where the preservation of natural resources is the main goal, but where the rational economic use of the area by the neighboring communities is also fostered. Water and Peace encompasses 916,000 hectares (2,263,436 acres); it is located in the San Juan River (Nicaragua) Watershed, and extends from the Central Volcanic Mountain Range Reserve in Costa Rica to the Indio Maiz Reserve in Nicaragua. Several national parks and wildlife reserves are part of the new sanctuary, chosen by UNESCO among 33 sites sponsored by 21 countries. This is the third such site in Costa Rica, which also boasts of La Amistad –in the Talamanca mountain range and shared with Panama– and the Central Volcanic Mountain Range –in the central part of the country–.
$1 million for ecologyThe Pax Natura Foundation, with headquarters in the United States, donated $1 million that the Government of Costa Rica will use in the payment of environmental services provided by people and companies who protect 12,000 hectares (29,652 acres) of forests. The payment is a financial aid that the State provides to the owners of forested land who protect it and improve the environment. The Pax Natura Foundation announced that its aid will extend for 10 years and that the overall amount will reach $9 million. An official said that this aid means preventing the deforestation of 3,680 hectares (9,093 acres).

A free economyCosta Rica and Panama, preceded by Chile and El Salvador, share the third position in the Latin American ranking of free economies. Costa Rican economy is also 30th among 141 nations. These data are part of those recorded in the 2007 Annual Report on Economic Freedom in the World, issued by the Cato Institute in the United States and the Fraser Institute in Canada. According to the report Hong Kong is at the top of the world ranking, followed by Singapore, New Zealand, Switzerland, and the United States. On the opposite side, Venezuela, which used to be at the top of free economies in Latin America, has dropped to position 135th, surpassing only five African countries and an Asian one.

Costa Rica

2008-01-15T09:03:00.000-08:00

(a) Economist Intelligence Unit estimates. (b) Actual.

Background: Costa Rica has historically benefited from political stability. A short civil war in 1949 opened the way for institutional reforms that led to a long period of rapid economic growth, resulting in significant improvements in human development. Since a debt crisis in the early 1980s, however, performance has been mixed as Costa Rica has struggled to define a new economic model. The country has succeeded in attracting high-tech investment, but income inequality and social tension have grown. An economic reform agenda has been subject to severe delays.
Political structure: The president, elected for a four-year mandate by universal adult suffrage, is the head of state. The executive is relatively weak in relation to the 57-member unicameral Legislative Assembly. Re-election for the president and deputies is permitted, but not consecutively. A political system historically dominated by the social democratic Partido Liberacion Nacional (PLN) and the right-wing Partido Unidad Social Cristiana (PUSC) has become more fragmented in the last few years, with other parties now wielding the balance of power, compounding difficulties of governability. The Supreme Court is at the apex of the judicial system, with its magistrates appointed by Congress for an eight-year term.
Policy issues: The approval of a fiscal reform and the ratification of the Dominican Republic-Central American Free-Trade Agreement (DR-CAFTA) are the government’s main priorities. However, public opposition to the treaty (mainly to the liberalisation of state-controlled monopolies that it will entail) is intense and there is a high risk that it will be rejected in the referendum. The approval of a fiscal reform has become urgent, in order to reduce the huge public debt burden, which makes the economy vulnerable to shocks and constrains monetary policy.
Taxation: The overall level of taxation is relatively low. Tax evasion remains high, but has been reduced, contributing to growth in tax collection. The tax system is dominated by the income tax, the sales tax and other indirect taxes. A long-delayed project for fiscal reform seeks to overhaul existing taxes and create new ones to broaden the taxpayer base.
Foreign trade: Export value growth has been rapid, owing to the dynamism of free-trade zones (FTZs) and strong demand for microprocessors from China, and has recently started to outpace expansion in the import bill (which is underpinned by the high import propensity of firms operating in the FTZs). This has led the trade deficit to narrow as a percentage of GDP, but not by enough to offset a growing income deficit, leading to a widening current-account deficit.

COSTA RICA & CAFTA

2008-01-15T07:40:00.000-08:00

Forecast Jan 2nd 2008 From the Economist Intelligence UnitSource: Country Forecast Outlook for 2008-09
Between now and the end of February 2008, the political scene will be focused on passing the laws required to bring the Dominican Republic-Central American Free-Trade Agreement (DR-CAFTA), which was ratified by referendum in October, into effect.
The end-February deadline appears tight and there remains room for the opposition Partido de Accion Ciudadana (PAC) to cause delays in Congress.
A long-awaited fiscal reform will be a priority in the rest of 2008, and while it is likely to pass, this is also not certain.
Although the Economist Intelligence Unit estimates an increased fiscal deficit of 1% of GDP in 2007, the risk to our fiscal estimates appears weighted on the upside, particularly if GDP growth continues to exceed expectations.
Indicators for the third quarter support our expectations that continued firm domestic demand will drive GDP growth of 6% in 2007, offsetting an easing of overseas demand.
After breaching target in 2007, we expect inflation to ease in 2008-09.

SPA SERVICE

2008-01-14T10:39:00.000-08:00

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Special Prices for Citizens and Residents

2007-11-27T09:53:00.000-08:00

Special Prices for Citizens and Residents

$ 60 usd + 16.39 % taxes

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2007-11-27T09:28:00.000-08:00

2007-07-04T11:17:00.000-07:00

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