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Costa Rican economy continues to slide down

03/26/09 13:57

Costa Rica can definitely feel the effects of the global crisis after registering a fourth month of consecutive losses in the economy last January, which was lower by 4.5 percent compared to 12 months before.

Among the hardest hit was the manufacturing industry, which sustained a slide in production of around 17.5 percent. Hotels were also hard hit, registering 9 percent less than the number of guests they had at the start of 2008.

News: Costa Rica business, Central Bank: Economy Continues Steep Slide

Tags: entrepreneurs • hotels • business •
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Gold Coast slows down as crisis hits Costa Rica

Construction in Costa Rica's Pacific Coast suddenly slowed down, with most construction halted, as the boom fueled by US expatriates tourists slumps due to the global financial crisis.

Among the hardest hit is the resort town of Tamarindo, where around a dozen building sites suddenly became inactive.

Tamarindo is part of the "Gold Coast," which became one of Central America's hottest property markets.

News: Costa Rica beach construction sags as crisis bites | Reuters

Costa Rice formally reopens relations with Cuba

After 50 years, Costa Rica and Cuba have finally opened formal relations once again.

According to President Oscar Arias, it wouldn't make sense to close formal ties with the communist-run island nation when, in fact, they have been communicating and cooperating in other fronts.

The two countries cut their formal relation in 1961, but established consular and commercial relations in recent years.

News: Costa Rica reopens formal relations with Cuba | Reuters

Magnitude 5.7 quake hits Costa Rica

A magnitude 5.7 quake was reported to have hit parts of Panama and Costa Rica last March 12 at around midnight, but there has not been any report of serious injury. It managed to get a scare out of the residents, though.

Just this January, an earthquake of magnitude left at least 23 people dead in Costa Rica.

News: Earthquake shakes Costa Rica

Gov't to give $100 million to businesses by young Costa Ricans

At least 360,000 of Costa Ricans aged between 18 and 35 are neither studying nor working. SO what are they doing? I cannot be too sure.

Maybe the right track for these young Costa Ricans is entrepreneurship. To encourage them to start their own businesses, the Costa Rican government will inject around $100 million in funds to businesses started by young Costa Ricans. More of that here at TicoTimes.net

News: Costa Rica business, Young Entrepreneurs Receive Gov’t Boost

Costa Rican environmental minister resigns

Costa Rica's minister for the environment, energy, and telecommunications, Minister Roberto Dobles, stepped down from his office, according to a statement issued last Friday by President Oscar Arias' office.

Dobles was accused by environmental groups, the media, and the political opposition of giving a concession to mine gravel and sand from the Aranjuez River to a company whose board of directors include his uncle.

The environmental minister said that his actions were in compliance with existing laws, but he still chose to resign because his continued presence in government will hinder energy, environmental and telecommunications initiatives already set.

News: Costa Rica, Nicaragua Daily News–The Tico Times, Costa Rican environment minister steps down under fire

Costa Rica Seeks IMF for Loans

Costa Rica is said to be having talks with the IMF to obtain a loan. An IMF spokesman says that they are in discussions for a precautionary standby agreement which adds that there is no real timeframe for the loan to be approved. The loan loan could be up to $750 million, but the Central bank officials and IMF won't give a specific number. More details on the link below

News: Costa Rica's Daily News

Rumble Over The River - Costa Rica against Nicaragua

What separates the now and before is that differences are not settled in bloody war. Nations in dispute now settle everything in court where a more peaceful means can be answered to the conflicts. Treaties are also an essential part of settling the various issues concerning two neighboring country at dispute. But what if the borderline that separate this two countries is the issue. This and more is what you can read here:

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