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Costa Rica, the fourth Latin American country to join the world’s rich club. Will it be synonymous with economic momentum?

Date: 09/06/2020

Author(s): Borja Santos Porras

Publication: TheConversation

On May 15, Costa Rica received its official invitation to become the 38th member of the OECD. This will make it the first country in Central America to join the exclusive club of the most developed countries in the world, and the fourth in Latin America after Mexico (1994), Chile (2010) and Colombia (April 2020).

Accession talks began on April 9, 2015, when the roadmap to join was first designed. The remaining steps consist of signing and approving the accession protocol, presenting the legislation to the OECD and paying the incorporation fee. Although the process should conclude later this year, taking into account other cases like Colombia—which took seven years to join—it is possible that Costa Rica’s accession will be completed in 2021 or 2022.