Ángel Gurría, Secretary-General of the Organisation for Economic Co-operation and Development/ OECD courtesy photo
Costa Rica’s one step
Published Thursday, July 16, 2020
closer joining OECD
By the A.M. Costa Rica staff
On Wednesday, Ángel Gurría, Secretary-General of the Organisation for Economic Co-operation and Development, OECD, presented the Economic Study on Costa Rica, which constitutes an evaluation within the process of joining the organization.
The document, prepared by the Committee for Economic Analysis and Development, includes an evaluation of the reforms implemented by Costa Rica, as well as recommendations and the definition of the priorities that the country should address immediately.
The study marks the culmination of the technical evaluation stage of the accession process of Costa Rica to become part of the organization as its 38th member.
“We are proud to think that this firm step we take on our path to development is an ideal and symbolic way to celebrate the bicentennial of our nation as a sovereign and independent republic,” President Carlos Alvarado said.
According to the government, the report recognizes the social and economic progress of Costa Rica, using a model that has sought progress and well-being through the combination of a series of elements: respect for the rule of law, democracy, integration into the world economy, education, social security, and the vocation for the protection of the environment and human rights.
This shows Costa Rica's remarkable progress in far-reaching reforms to align its public policies with OECD best practices, the government said in its statement.
However, the OECD presents a series of specific recommendations on improvements such as strengthening public finances, promoting inclusion and reducing social gaps, strengthening productivity growth and increasing competition in domestic markets.
Among the main recommendations is the urgency to appropriately address the coronavirus pandemic as a short-term priority.
In addition to resuming substantial compliance with the fiscal rule and technical soundness in debt management, there must be a reduction of the fiscal deficit and the sustainability of public debt.
The country must also improve the quality of education, facilitate the participation of women in the labor market, and improve financial inclusion among others.
Another recommendation is to make a deep review and reengineering of the regulations in the markets and economic activities, as well as to strengthen competition, which would promote in a sustained way the generation of employment opportunities and economic growth.
According to the government, these economic evaluations are carried out every two years. It is an obligation to countries that are members of the OECD.
The OECD's mission is to promote policies aimed at improving the economic and social well-being of people around the world through the adoption of best practices in the formulation of public policies. To do this, it offers a forum where governments share experiences, exchange knowledge and jointly seek solutions to common and global problems, the government said.
The complete study can be accessed on the following website of the Ministry of Foreign Trade.
The OECD’s goal is to stimulate economic progress and world trade. Among the 37 OECD member countries are the United States, Canada, United Kingdom, Australia, Ireland, Germany, Mexico, Chile and Colombia.
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