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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.

Costa Rica Becomes a Tiger

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