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New central bank head rejects Citi forecast

Wednesday, April 23, 2014

The man picked to lead Costa Rica’s central bank rejected Citigroup's forecast that economic growth will be cut in half next year after Intel and Bank of America said they would fire 3,000 people.

Olivier Castro, who was tapped to run the central bank by President-elect Luis Guillermo Solis, said the Central American nation’s $45 billion economy will expand 5 percent in 2015.

The figure is more than double the 2.2 percent outlook by Citi, which cut its forecast this month in the wake of the firings.

Source: Bloomberg