Costa Rica expects 6 pct growth by 2014 -president

SAN JOSE, Costa Rica, Dec 15 (BestGrowthStock) – Costa Rica’s
president sees the economy growing by as much as 6 percent a
year by 2014 as the country invests in infrastructure and trims
government red tape.

Laura Chinchilla, Costa Rica’s first woman president who
took office in May, unveiled her government’s economic plan
late on Tuesday night for the jungle-covered nation known as a
popular tourist destination.

Chinchilla told Reuters in September that she expects
growth of 4.5 percent this year and 5 percent in 2011.
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Her government faces a mounting fiscal deficit, seen
reaching 5.2 percent of gross domestic product by the end of
the year, the highest in the region according to a report
released this week by the United Nations Economic Commission
for Latin America, or ECLAC.

In order to support government spending programs and help
reduce unemployment, Chinchilla is pushing for tax reform that
would increase federal revenue.

REGION SLOW TO RECOVERY

Many of the isthmus nations of Central America have been
slow to recovery from the recent financial crisis and global
downturn.

El Salvador, a leading coffee producer that depends on
remittances sent from abroad, embodies some of the dilemmas.

The economy will have grown less than 1 percent this year
chiefly because remittances only rebounded by about 2.5 percent
from their 2009 levels rather than the hoped-for 5 percent, the
central bank said on Wednesday.

High unemployment in the United States can weaken earning
power for immigrants and have a knock-on effect of sapping
remittances.

The El Salvador economy should grow by 2.5 percent next
year, the government has said.

Panama, which enjoys revenue from its emblematic canal and
a robust banking sector, has outpaced its regional peers.
Panama’s economy grew 8.4 percent in the third quarter of the
year compared to the same period in 2009, the government said
on Wednesday. [N15164232]

Nicaragua exports – dominated by coffee, gold and
agricultural goods – increased nearly 30 percent this year to
close at a record $1.85 billon, the government said on
Wednesday.

The United States absorbs nearly 30 percent of local
exports with Venezuela as the second-largest importer of
Nicaragua goods.

(Reporting by Alex Leff in San Jose, Nelson Renteria in San
Salvador and Ivan Castro in Managua; Written by Mica Rosenberg
and Patrick Rucker; Editing by Diane Craft)

Costa Rica expects 6 pct growth by 2014 -president