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| 1987, July |
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| Arias was joined by four other Central American presidents in signing his peace accord, which called for cease-fires, peace talks, amnesties, an end to direct aid from foreign military forces, political pluralism, and guarantees for democratic rights and freedoms. Arias was awarded the Nobel Peace Prize for his efforts. | 1 |
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| 1989 |
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| Costa Rica's population reached 2,954,000. | 2 |
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| 1990, Feb. 4 |
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| Rafael Angel Calderón, of the opposition Social Christian Unity Party (PUSC), was elected president. Calderón promised income redistribution and housing for the poor. | 3 |
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| June |
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| Costa Rica began an IMF-endorsed austerity program, designed to reduce the public debt and ensure access to foreign loans. The program incited numerous strikes and protests. | 4 |
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