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LatinNews Regional Monitor: Caribbean & Central America - 23 July 2019

In brief: Costa Rica reduces growth projections

* Costa Rica’s central bank (BCCR) has reduced its biannual economic growth projections after a disappointing first half of 2019.  In January, overall economic growth was predicted to be 3.2% in 2019 and 3% in 2020, but the BCCR has now reduced 2019 growth projections to only 2.2% and 2020 projections to 2.6%. International factors are said to play a role, with the BCCR citing China-US trade tensions, Brexit, and the severe recession in Nicaragua as having adverse effects on Costa Rica’s economy by making exports less profitable. Climate change is also to blame, negatively affecting agriculture production. National unemployment rates of 11.3% in the first quarter of 2019 also mean less consumer spending and economic risk taking, which is contributing to the stagnation.

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