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Costa Rica Becomes a Tiger
Last week we looked at the Central American region as a whole; now we take a closer look at Costa Rica and Panama, the most open and service-driven economies in the group. And the big story over the past couple of years is the continued boom in Costa Rican goods and services exports, leading to visible improvements in the country's external and fiscal position and stronger growth expectations as well.
As a result we are taking a position in the Costa Rican equity market, in line with our practice of buying external EM growth "tigers" wherever we find them; we are also bullish on support for the colon exchange rate. By contrast, the narrowing of dollar sovereign debt spreads that we predicted back in 2022 has already surpassed expectations and we are removing our recommendation in this asset class.
Corporate Chartbook
Our semi-annual guide to EM listed corporate trends by charts and data.
EM Corporate Charbook (2022 Edition)How To Think About Emerging Markets (2024 Edition)
An opinionated guide to emerging markets
What is an Emerging Market? (How to Think About Emerging Markets 2024 Edition, Part 1)What's Wrong with EM? (How to Think About Emerging Markets 2024 Edition, Part 2)
Who Makes It, Who Doesn't (How to Think About Emerging Markets 2024 Edition, Part 3)
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Four Big Growth Fallacies (How to Think About Emerging Markets 2024 Edition, Part 5)
An Austrian Primer: Savings, Debt and Default (How to Think About Emerging Markets 2024 Edition, Part 6)
Life After China (How to Think About Emerging Markets 2024 Edition, Part 7)
Macro and EM Equities (How to Think About Emerging Markets 2024 Edition, Part 8)
Macro and EM Debt (How to Think About Emerging Markets 2024 Edition, Part 9)
Macro and EM Currencies (How to Think About Emerging Markets 2024 Edition, Part 10)
How To Think About China (2023 Edition)
... and an opinionated guide to China
Lies, Damn Lies and Statistics (How to Think About China 2023 Edition, Part 1)A State Economy or a Market Economy? (How to Think About China 2023 Edition, Part 2)
Explaining the Miracle (How to Think About China 2023 Edition, Part 3)
The Most Important Sector in the Universe (How to Think About China 2023 Edition, Part 4)
Debt Boom and Debt Bust (How to Think About China 2023 Edition, Part 5)
Is There a New Growth Model? (How to Think About China 2023 Edition, Part 6)
The Future of the Renminbi (How to Think About China 2023 Edition, Part 7)
The Aging of China (How to Think About China 2023 Edition, Part 8)
Food and the Next Decade (How to Think About China 2023 Edition, Part 9)
How to Follow Macro Policy (How to Think About China 2023 Edition, Part 10)