Economic Development

Costa Rica has experienced steady economic expansion for the past 25 years and is still on the rise. According to Worldbank, "The percentage of poor households in Costa Rica went from 20.5  to 20 percent between 2016 and 2017, which is not a significant change; while extreme poverty dropped from 6.3 percent to 5.7 percent." This shows that Costa Rica is on the rise and they are becoming a wealthier country. Worldbank also says, "Costa Rica’s GDP per capita has tripled since 1960 and its growth averaged 4.5 percent between 2000 and 2013, compared to the regional average of 3.8 percent for the same period." This also shows that they are doing better than the regional average of others, proving that they are ahead and prevailing as a functional economy. Russia's economy is currently recovering and they are profiting on high oil prices, enhanced macroeconomic stability, and ongoing momentum in global economic growth. Russia's growth is very small ("Growth is forecast at between 1.5% and 1.8% in the period 2018-20. However, in the short-term, these forecasts may change due to changing oil prices.", as stated by Worldbank.) compared to Costa Rica who is sitting at an expected of 3.6 this year given by Worldbank. This also shows how much Russia is relying on oil alone as to how high or low they growth can be. 

This shows how the debt of russia in total is significantly higher than Costa Rica. Russia is in the 700 billions and Costa Rica is in the 15 billions. This shows just how different the two areas are in comparison.


Source 1
Source 2