Citi Cuts Costa Rica Growth Forecast After Firings

Citigroup Inc. cut Costa Rica’s growth forecast after Bank of America Corp. and Intel Corp. said they would fire 3,000 workers in the Central American nation following the opposition's victory in a presidential runoff.

Citi cut its growth forecast for Costa Rica’s 2014 gross domestic product to 3.1 percent from 3.5 percent, economist Jorge Pastrana wrote in a report today. The 2015 forecast was lowered to 2.2 percent from 4 percent. The yield on Costa Rica’s dollar bonds due in 2023 have climbed 23 basis points the past two days, the most since January.