LatinNews Daily - 01 August 2022

In brief: Costa Rica’s central bank warns of slowdown

* Costa Rica’s central bank (BCCR) has released a new report which forecasts that Costa Rica’s economy will grow 3.4% in 2022 and 3.2% in 2023 respectively, down from 7.8% in 2021. The BCCR says that its 2022 GDP forecast is in line with its previous (April 2022) forecast but the 2023 figure represents a drop of 0.7 percentage points on its earlier forecast. The BCCR highlights that the projected slowdown is in line with global tendencies stemming from factors such as the Ukraine war. It cites the latest International Monetary Fund (IMF) estimates of 3.2% GDP growth for the global economy in 2022 and 2.9% in 2023, down 0.4 and 0.7 percentage points respectively. The BCCR says that preliminary estimates of GDP growth for the second quarter of 2022 indicate that economic recovery following the coronavirus (Covid-19) pandemic continues but has begun to slow, with 5.7% GDP growth in Q2 2022, on preliminary estimates, down from 10.4% a year earlier. The BCCR also highlights that annual inflation in Costa Rica was running at 10.1% in June, well above the BBCR’s target range of 3% +/-1.

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