Costa Rica Is Among The Richest Countries In Latin America

(MENAFN- Costa Rica News) Last year, the renowned magazine Global Finance reported that Costa Rica is among the richest countries in Latin America, in terms of the evolution of Gross Domestic Product (GDP) per capita.

We refer to data for the year 2024, which ended recently.

In the Global Finance list, Panama is in the first place with a GDP per capita of 44,797 dollars , that is, it is shown as the richest country in Latin America. This great economic merit refers to its robust financial sector and strategic role in world trade through the Panama Canal, key to international trade routes.

Next on the list is Chile , a nation with a GDP per capita of US$31,005 and considered to have one of the most developed and stable economies in Latin America. What is Chile's secret? According to the magazine, everything is oriented to its economic diversification, which ranges from the mining sector, being the largest copper producer in the world, to a growing agricultural and services sector.

Also on the list is Uruguay at number 3, with a GDP per capita of US$30,170 and Costa Rica is in 4th place, with a GDP per capita of US$28,558 . The country Pura Vida ! is known for its focus on environmental sustainability and its commitment to education and public services, managing to maintain a stable economy, driven by eco-tourism, agriculture, and a growing technology and services sector .

This is an example that, in order to have a wealth per capita, it does not matter how small a nation maybe since the aforementioned nations are small but have more efficient and balanced economic models.

It is worth noting that GDP per capita has become a key indicator for understanding the economic well-being of a nation's citizens, revealing significant differences in the distribution of wealth and quality of life between countries.

The engineer and specialist in the international financial area, Daniel Suchar Zomer , who is also a contributor to our website, believes that in the year 2025, there may be greater economic welfare in Costa Rica.

Previously, Suchar said that the Costa Rican economy through its Monthly Economic Activity Indicator is growing at a rate of 4.5%“which is quite positive since after 3% all economies are doing very well and Costa Rica is doing even better, it is dragging an average of practically between 4.2 and 4.3% in the year 2024”.

Regarding economic activity, Daniel emphasized that the free trade zone model is clearly defined, traveling at a speed of 13%, and is a very successful model in Costa Rica .“Although the definitive regime that would be – the regime – of everything else outside the free zone, is going at 3.6%, it would be an incredible way to produce and, obviously, greater welfare for the whole country”.

Very important, and it is that these speeds have recovered since August 2024, then it means that there is a quite good path from the point of view of the Monthly Indicator of Economic Activity.

Continuing with the free trade zones, Daniel Suchar added that, these zones already today weigh 40% of the contribution to the Costa Rican economy and the other 60% is precisely what is outside the free trade zone.“And when we observe some interesting data of how the sectors of the Costa Rican economy are practically moving, we can realize that manufacturing is traveling at 6.1 %, then construction is above 12.1 %, we have the part of professional services which is at 5.4 %, transportation which is very important: 7.8 % and the financial and insurance area is moving at 6.7 %”.

Suchar referred to the Costa Rican exchange rate as a very cheap one, which makes the Central American country very expensive,“then evaluating the issue of agro-exports or the agricultural sector, from the point of view of what is now hotels and restaurants, it is becoming very expensive for tourists and these are precisely the two sectors that are giving negative and one raises the voice of course to the Central Bank so that something better can be done. In general terms, Costa Rica is doing well, and 2024 with all these numbers that I just mentioned, gives a good inertia to start 2025 in a very good way ”.

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