Caribbean & Central America - February 2017 (ISSN 1741-4458)

Costa Rica’s President Luis Guillermo Solís admitted defeat in early February. Solís said that, just like his predecessor Laura Chinchilla (2010-2014) before him, he would fail to push through the fiscal reform proposed by his government in August 2015 to shore up the country’s finances. The fiscal deficit amounted to 5.2% of GDP in 2016, but despite the repeated warnings of successive heads of state, legislators in the politically fragmented congress have refused to approve a meaningful tax reform, calling for greater government austerity instead when it comes to public spending.

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