Costa Rica, officially the Republic of Costa Rica (Spanish: Costa Rica or República de Costa Rica, ), is a republic in Central America, bordered by Nicaragua to the north, Panama to the east-southeast, the Pacific Ocean to the west and south, and the Caribbean Sea to the east. Costa Rica was the first country in the world to constitutionally abolish its army. Among Latin American countries, Costa Rica ranks 4th in terms of the 2007 Human Development Index, and 48th worldwide. Costa Rica is ranked 5th in the world in terms of the 2008 Environmental Performance Index, up from the 15th place in 2006. In 2007 the government of Costa Rica said it wants to be the first developed country to become carbon neutral by 2021. Costa Rica is among the safest countries in Latin America and is currently the least impoverished Spanish speaking country in the world, with poverty percentages lower than that of Spain and other developed countries and levels of urbanization that nears those of countries such as Finland and Norway.