Costa Rica is a small but developing country that has recently attracted the attention of people all over the world due to its thriving economy, which is driven by sound programs and policies. The country was nicknamed “the Switzerland of Central America” due to its reputation for political stability, peaceful people, and a rich ecosystem. Over the last few years, the country has flourished in many other other aspects, such as tourism and foreign investments.

Read this article and learn the enabling factors that make Costa Rica what it is today and why it stands out as a good example of sustainable development and prosperity.

Sustained Economic Growth

Costa Rica’s economy has been stable and slowly rising while the other countries in the same region are struggling in their economies. The country has a diversified economy with investments in agriculture, technology, tourism, and manufacturing, compared to other nations in Central America, which depend on one industry in the economy. That has enabled it to easily adapt and become resilient to any changes in the global market.

Additionally, Costa Rica has also enjoyed favorable free-trade arrangements with large economies such as the United States, the European Union, and China. The agreements have provided new opportunities to export Costa Rican products and services and bring in new economic growth. The country also has easy access to the Pacific Ocean and the Caribbean Sea, which makes it an attractive place for across-the-seas trade.

Environmental Conservation

The country is known for being at the forefront of environmentalism with a long-term target of lowering its carbon emissions. It has been progressing well in its journey toward becoming a carbon-free nation. One of the most significant accomplishments is having been powered 100% by renewable energy for 300 days in a year since 2016. Therefore, more than 98 percent of the country’s electricity is generated from cheaper and renewable energy, such as hydroelectric, wind, geothermal, and solar.

Costa Rica occupies only 0.03% of the globe but hosts 5% of the total biodiversity. Conservation is considered one of the country’s central concerns, given that national parks and preserves, wildlife reserves, and conservation areas cover more than a quarter of its territory. That has made Costa Rica a leading eco-tourism country, with millions of visitors thronging the country annually to tour the forests, coastal area, and wildlife.

Developing Real Estate Sector

Real estate is one of the most promising and rapidly growing sectors of Costa Rica’s economy. This has made it possible for foreigners interested in real estate property to invest in this sector. Due to political stability, property rights, and the growing tourism industry, Costa Rica is an excellent location for real estate investment in areas like Guanacaste, the Central Valley, Playas del Coco, and the Nicoya Peninsula.

Costa Rica’s standard of living, cost of living, and healthcare system are claimed to be attracting many expatriates. Hence, there has been a surge in foreigners looking for homes in the countryside and apartments in the cities. There has also been an increase in the development of beach homes and condos for sale in Costa Rica, targeting the rising number of retired individuals wanting to live permanently in the country.

Therefore, competition for rental accommodation is high, especially in locations with a high concentration of expatriates and tourists. This allows investors who buy houses with the intention of renting them to enjoy a constant source of income.

A Favorite Tourist Destination

Tourism in Costa Rica is fairly good, supported by many establishments such as hotels, travel agencies, and attractions. The government has also set high standards to avoid damaging the environment in the name of tourism. It has implemented measures and policies to help foreigners visit the country, including easy residency laws and attractive incentives for those wishing to retire there. Other advantages that expatriates are fond of include security, political stability, and a quality healthcare delivery system.

Some of the things that people comment about when they visit Costa Rica, for example, is that there is usually good unity among communities, especially for those who have expatriates. It does not matter whether one prefers to live in a big city or in a simple fishing town. The people have the freedom to interact and make friends. Social policies of equality and the friendly reception of people from Costa Rica make the country warm and attract people to move there.

Anthony

Writing about politics and finances.