Category Archives: Panama News

Panama Heading Into Double Digit Economic Growth

Panama’s Economic Growth Heading Into Double Digits

Thursday, 04 October 2012

panama skylineBy Denis Foynes

Live and Invest Overseas Corespondent

“Panama is expected to grow by double digits at the end of 2012 and continues to reduce its poverty and unemployment rates.”

A report released today goes on to state that,

 

  1. Investments are being made without resorting to new borrowing…,
  2. The government continues to prioritize projects that improve quality of life for Panamanians…,
  3. Continuity and the creation of social programs promoted in this administration has resulted in more than 100,000 Panamanians escaping poverty.

For the first half of the year, Panama’s growth rate stood at 10.6%, driven by the transport, construction, trade, and tourism industries. (In the past two years alone, the nation’s tourism industry has increased by 30%.) Recent data shows now that – Panama is on the way to end the year with double-digit growth, as it did in 2011.

Panama’s economy has not been affected by the global economic slowdown thanks to expansion of the Panama Canal and investment in mining and construction, Panama’s Economy and Finance Minister Frank De Lima has previously explained.

With the canal expansion, the recently signed free trade agreement with the United States and, Central America’s first subway soon to be completed, the news from Panama continues to be bright.

Panama’s major challenge will be to discover an effective way for the wealth it’s generating to trickle down to its lower class. Despite the country’s super growth, still one-third of Panamanians live in poverty, with 15% struggling with extreme poverty.

Aeroperlas leaves Panama

I, and many others, were shocked and surprised to learn that Avianca – Taca has suspended operations in Panama via their regional carrier, Aeroperlas. In a statement released to the media they said only that “the decision reflects the need to rethink the business model of the airline, based on analysis of trends and current… Continue Reading

Panama Canal Expansion – Good for Panama

An Overview of Panama Canal Expansion Program – as written in BE Business Excellence Jorge Quijano, executive vice president of engineering with the Panama Canal Authority (ACP), recently spoke with Jayne Alverca of Business Excellence Online about taking Central America’s most high profile infrastructure program from concept to completion. Owing to a unique strategic location… Continue Reading

Panama’s Continuing Economic Growth

Panama is enjoying the strongest growth in Central America, and will lead all of Latin America through 2015, according to the International Monetary Fund (IMF). The Canal expansion plan and ambitious infrastructure investment bolster economic growth while attracting multinational corporations, real-estate developers, retirees, and savvy travelers to this emerging nation, whose diversified economy is driven… Continue Reading

Panama Becomes Hot Spot for Retirees on ABC News

This piece about retiring in Panama just appeared on ABC Eyewitness News – Panama Becomes Hot Spot for Minnesotan Retirees Panama is fast becoming retirement hot-spot for thousands of Americans, including Minnesotans. The lure of a less expensive lifestyle is motivating retirees to take a long look at living overseas. From a lower cost of… Continue Reading

Ocean Home Magazine is Hot for Panama

Panama Homes – Ocean Home Magazine recently gave this glowing review of Panama – Ocean Home: Panama Premiere Tourism is booming in this once quiet Central American paradise. There’s a secret brewing in Central America but it’s quickly getting out: Panama is hot and in more ways than one. With multiple islands waiting to be… Continue Reading

Manuel Noriega Returns to Panama

By Jacob McCleland Panama City’s modern skyline dominates Panama Bay. Foreign investment and a construction boom have helped Panama’s economy weather the global economic slowdown. (Photo: Jacob McCleland) Ex-Panamanian strongman Manuel Noriega is back in his homeland. But instead of leading the country, he’s sitting in prison. Noriega took power in 1983 and lead the… Continue Reading