Costa Rica Today in Its Pivotal Role in Driving the Country's Economy Through Tourism

1. Costa Rica Today in Its Pivotal Role in Driving the Country's Economy Through Tourism The Business Magnate. Costa Rica - officially known as the Republic of Costa Rica, is a Latin American country located in Central America. Rapidly emerging in its economic activities, Costa Rica is a flourishing upper-middle-income country developing and growing better than in the last few years. This article will delve into how the culturally rich country of Costa Rica drives its economic growth and development through the Hospitality and Tourism Industry today with - Economic contributions in various sectors, Foreign exchange and investments, Job opportunities, Development of rural areas, Infrastructure developments, Sustainability initiatives, the Preservation of the country’s culture and heritage, and Global reach. By playing an important and pivotal role in the Hospitality and Tourism Industry, this article will shed light on Costa Rica’s contributions to growing and developing its economy below in more detail. Gross Domestic Product - GDP: Costa Rica’s Tourism Industry contributes to an estimated Nominal Gross Domestic Product growth of $96 billion and its estimated Purchasing Power Parity growth is $152 billion. Forecasting a revenue of 327 million US dollars generated by the end of the year - 2024, the country’s economic markets are expected to grow at a yearly rate of 4.26%. Costa Rica sees over 80% of its tourists, mostly from the US or Canada, and estimates over 1.7+ billion US dollars being generated in revenue earnings through tourism activities, annually. This revenue generated in the country’s economy is used by the government to further enhance its economic growth, development, infrastructure, environmental conservative projects, education, healthcare, and preservation and conservation of the country’s culture, heritage, and ecosystem. Foreign Investments and Exchange: As tourism takes center stage in bringing in foreign investments and exchange, the country’s economy benefits significantly from tourists purchasing power. From accommodations, travel or transport, food, and tours booked through travel agencies, to souvenirs, Costa Rica sustains and balances its economic activities with much ease and poise. Job Opportunities: With the rise in Costa Rica’s economic growth and development in various industries and sectors alongside the continuous stream of tourists entering the country, the service sectors also rise parallelly. The government encourages and provides numerous job offers for the local people ranging from hotel staff, restaurant employees, tour guides and agents, transport

2. drivers, and souvenir craftsmen, to jobs in construction, retail or e-commerce platforms, and deliveries in the food and beverage industries. All of these factors play into one-upping the Hospitality and Tourism Industry thereby driving up the economy’s growth. Rural and Infrastructure Developments: Some areas in Costa Rica are remote and rural. For these regions where economic activities are at a low, encouraging tourist activity in such locations through the tourism industry helps the economic growth be spread equally with more job opportunities and access for touring and visiting purposes. In the all-time rise of tourist activities present in Costa Rica, the country is required to prioritize its tourist satisfaction and experience by investing in its infrastructure developments. With proper roads, resorts, eco-lodges, airports, and other essential facilities, Costa Rica successfully contributes to rural and infrastructure growth making living and visiting smooth and easy for both locals and tourists. Sustainability Initiatives: Offering a thriving ecosystem experience and living, encouraging the people of mindful ecotourism in Costa Rica, promoting and establishing environmental conservation efforts, a strong healthcare system, agricultural exports, culturally rich heritage, prioritizing education, and much more. Famous for its beautiful and scenic environments, its natural beauty, and happy people, Costa Rica is a travel destination hotspot for tourists. Therefore by adopting certain sustainability practices in environmental conservation and preservation efforts, Costa Rica offers eco-friendly tourism initiatives like eco-lodges, encouraging the sustainable use of natural resources, offering sustainable transport options, and imparting environmental awareness to tourists. In this way, CO2 emissions are reduced all the while protecting the rich and flourishing Costa Rican ecosystem. Preserving Culture and Heritage: One of the best places to visit in Costa Rica, from famous National Parks like the Corcovado National Park, the Arenal Volcano National Park, and the Manuel Antonio National Park that showcases beaches, rainforests, beautiful wildlife, and rich flora and fauna to a culturally integrated Costa Rican population deeply rooted in celebrating bright festivals, music, art, and dance. Costa Rica’s “pura vida” translating directly to “pure life” in English, reflects the necessity of the country wanting to prioritize the preservation and conservation of its cultural heritage. Global Reaches: Ecotourism in Costa Rica and its growing Tourism Industry sets the standard as a premier travel destination for international tourists and neighboring countries. Opening its doors for a

3. diversified economy, Costa Rica expands its global reach simultaneously, reinforcing every year that it is a hotspot for tourism activities. Through word of mouth or media, the country has never seen a decrease in tourism activities except during the time of the COVID-19 pandemic. To conclude, the economic contributions in various sectors like GDP, foreign investments and exchange, providing job opportunities, enhancing rural and infrastructure areas, fostering sustainability practices, encouraging the preservation and conservation of Costa Rican culture and heritage, and expanding global reach for international visibility, helps the Hospitality and Tourism Industry play a very pivotal role in contributing significantly to Costa Rica’s economic growth and development.