Costa Rica, officially the Republic of Costa Rica (Spanish: Costa Rica or Republica de Costa Rica, is a country in Central America, bordered by Nicaragua to the north, Panama to the east and south, the Pacific Ocean to the west and south and the Caribbean Sea to the east. Costa Rica, which translates literally as "Rich Coast", 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. The country is ranked 5th in the world, and 1st among the Americas, in terms of the 2008 Environmental Performance Index. In 2007 the Costa Rican government announced plans for Costa Rica to become the first carbon neutral country by 2021.