Expat Community > Panama

panamajames
Joined 2012
Posts: 5097

Panama's Economy

6 years ago

Is there a slowdown in Panama? Is this a buyers market? Although growth of the economy in general still remains above 5%, it is lower than the vigorous 10% of a few years ago. Is the cause the Martinelli on full tilt economy vs Varela in slowdown mode? New elections next year.
Varela may be hoping on the Free Trade Agreement with China to help the situation. Based on current unemployment and the growth of independent or informal work from entrepreneurs, both Expat and Locals, we see that starting in 2018, Panama has entered a phase of economic slowdown. Businessmen in the commerce sector are even talking about "recession", both in retail and in wholesale sales.

From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:

Although we expect growth of the Panamanian economy of approximately 5.4% for this year 2018, such increase continues to be supported by economic sectors linked to foreign trade, such as the Panama Canal, ports and airports.

As a representative organization of the country's private entrepreneurial effort, the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) reiterates its concern about the problems that hamper the progress of sectors long marginalized by policies that discourage their permanence and certainly threaten their productive continuity, such as the industrial and agricultural sectors. The same is true for other slowdowns such as trade, tourism, construction and real estate, which also require new perspectives in the future.

Kovalenko & Vera Attorneys at Law in Panama

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Panama's Economy

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