Costa Rica

Costa Rican President Laura Chinchilla's government was dealt a hard blow in mid-April when the constitutional court ruled that its flagship fiscal reform plan was unconstitutional. This comes after the legislative assembly approved the bill during the first round of voting, following several months of political wrangling. Given this development, we believe the Chinchilla administration will continue to struggle to rein in public spending over the coming quarters, in line with our view for the fiscal deficit to remain substantial at 4.7% of GDP in

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