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Looking for a Good Business Climate? Think Costa Rica

Article Summary:

Costa Rica has climbed seven spots on the World Bank’s business climate report, a strong showing, from 109 to 102.

Photo Credit: Inside costa Rica

Original Article Text From Inside Costa Rica:

Business climate in Costa Rica improving: World Bank

October 30th, 2013 (InsideCostaRica.com) The Government of Costa Rica celebrated yesterday after the country climbed seven spots on a World Bank report that ranks the business climate in 185 countries worldwide.

Costa Rica climbed from 109th to 102nd in the “Doing Business 2014” report issued by the International Finance Corporation (IFC) and the World Bank this week, which assesses progress made against excessive bureaucracy in doing business.

“The improvement of the country in regulatory matters for the second consecutive year, demonstrates the success of the strategy outlined by the Government with the support of various sectors, and changes the trend of previous years where Costa Rica was losing competitiveness due to excessive paperwork in the public sector,” President Laura Chinchilla said in a statement.

The ranking assesses various matters of doing business in the country.

Costa Rica’s biggest improvement was in the issuing of building permits, climbing from 119th place last year to 82nd this year.

The report also said that Costa Rica has improved in the ease to create a company, rising from 126th to 102nd.

The Government said that it expects Costa Rica will continue to improve in the coming years due to a series of measures to increase competitiveness, part of the “National Strategy for Regulatory Reform.”

The World Bank report said that Singapore, Hong Kong, New Zealand, the United States and Denmark remain the countries with the most favorable regulations for business.

In Latin America, Chile (34), Peru (42), and Colombia (43) top the list.

Link to Original Article:

From Inside Costa Rica

  • Robert in Vancouver

    I’m surprised the USA is still in the top 5, and maybe wondering if the World Bank has a political motive for putting the USA into the top 5 (ie. they want to support Obama’s socialist policies).

    The dozens of business people I know in the US say it’s harder to do business than any time before, and the continually increasing regulations and taxes are choking them out of business.

  • Clarice Wilson

    That’s really cool! Its spectacular to see that a small country 1/3 of the size of US has shown tremendous growth over the past few years. Costa Rica is one of the hotspots for tourist visit in Central America, and most of the GDP grows from tourist visit. Every year the tours services in Costa Rica or the vacation services earns hugely during the peak season of the tourist visits

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