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Crisis Hits Construction
The global financial situation, which has already been in crisis for days, is showing its consequences in the construction sector in Costa Rica.
According to the vice president of the Costa Rican Chamber of Construction (CCC), Juan Jose Castro, there are currently 25 thousand workers who lost their jobs. This is because housing and hotel projects have been paralyzed.
At the same time, Castro said that if no solutions are implemented in a short period, the number of unemployed could reach 40 thousand.
It is estimated that between 15% and 20% of the projects that were launched in Costa Rica in recent months been closed due to lack of funding.
Those most affected by this are the housing developers and buyers, as banks have tightened up on the selection policies of not providing credit to customers who could jeopardize the recovery of the money.
But the chairman of the Central Bank of Costa Rica, Francisco de Paula Gutierrez, said that the reduction in loans offered by banks is due to the expansion that was seen in the past in this type of service and that the restrictions that the international financial crisis has generated, means that banks will respond in this manner.
Gutierrez made it clear that at the Central Bank, there is no order restricting loans of any form. This is a market response as such.
It is worrying from all points of view how the international financial crisis can generate unemployment quickly and without any real solutions for this problem. For the team at TicosLand.com, situations such as these generate strong imbalances in the economy not only the country but for many people make a living in construction.
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