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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Costa Rica GDP Growth Rate (1961–2023)
Costa Rica’s GDP growth has been shaped by agricultural exports, tourism, and economic diversification. The 1960s and 1970s were periods of rapid expansion, peaking at 8.9% in 1977, driven by investments in infrastructure and agribusiness. The 1980s, however, introduced economic instability, with a severe -7.3% contraction in 1982, influenced by external debt crises and fiscal imbalances.
Growth rebounded in the late 1980s and 1990s, driven by structural reforms, export-led development, and investment in high-tech industries. The global financial crisis of 2009 caused a -0.9% contraction, but Costa Rica recovered, achieving growth of 7.9% in 2021 after a pandemic-induced decline of -4.3% in 2020.
By 2023, growth stabilized at 5.1%, supported by strong tourism recovery, green technology investments, and resilient service exports, despite global economic uncertainties.
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