San José selected as one of the 10 happiest cities in the world. A new study reveals that San José, Costa Rica is among the happiest cities in the world for travelers. The Costa Rican capital has been ranked number 8 out of 40 worldwide, standing out for the friendliness of its inhabitants and for being a destination with excellent value for money. San José offers a mix of traditional Central American city and cosmopolitan urban center, with an incredible variety of attractions and activities: parks, museums, historic buildings, theaters, and the most incredible beaches, wildlife, and nature. Guarded by green hills and impressive volcanoes, San José is an idyllic part of the world. Click here for more information.
A 1.24% increase was approved for minimum salaries in the private sector, effective July 1. The National Wage Council approved an extraordinary rise of 1.24% for minimum wages in the private sector as of July 1 of this year. The increase, the same that the Government of Rodrigo Chaves proposed on June 30, equals ¢1,240 more per month for each ¢100,000 now received. The Wage Council includes workers, employers, and the Executive Branch, whose members agreed that “it is the first time it has been done.” The current methodology for wage-setting enables this council to call for a wage revision if the accumulated inflation rate as of May is equal to or higher than the annual inflation target set by the Central Bank of Costa Rica (BCCR) for the year. Click here for more information.
Eurobonds would be a lifeline for the exchange rate, according to experts. The placement of $1.5 billion per year in Eurobonds should move forward as soon as possible to reduce the pressure on the exchange rate, which reached ¢700 last week, and the rise in interest rates. Rodrigo Chaves’ proposal would help finance the State between this year and 2027, at the same time, it would help the country mitigate the economic storm that is affecting us due to the increase in inflation, the price of hydrocarbons, and the low growth. Click here for more information.
Public works construction in Costa Rica has decreased since December 2017. In Costa Rica, the construction of highways, roads, bridges, electric generation works, aqueducts, sewers, and other public works buildings has decreased. By the beginning of 2022, the Central Bank of Costa Rica (BCCR) reported that the construction sector grew by 6.2%, which represented 9.4 percentage points more than at the beginning of 2021. This recovery of the sector is solely due to the growth of private construction, mainly middle and upper-class housing, as well as commercial and industrial buildings. However, public works construction contrasts with the private sector, as the variation for January 2022 decreased by 23.9% compared to the previous year. This is one of the most drastic year-on-year variations that the sector has suffered in the last decade. Not even in a pandemic was such a reduction recorded. Click here for more information.
Reduced bond sales put the Treasury in trouble with payments in the coming months. The Ministry of Finance concludes the first semester far from the objective of selling the bonds necessary to face the closing of 2022 and the beginning of 2023 that will be loaded with heavy obligations such as the payment of salaries, Christmas bonuses, school bonuses, and maturities of internal and external debt. The National Treasury raised, between January and this Monday, June 20, a total of ¢1.048.157 million in domestic debt securities, an amount that represented 52.4% of the target for the first six months of 2022, and only 26.8% of the total expected for the entire year. Click here for more information.