Booming Panama lags in social progress

WHILE Panama continues  to lead the region  in economic growth  it sits in  fifth position in the 2016 Index of Social Progress regionally  and 41st in the world.

Neighbouring Costa Rica, Uruguay, Chile and Argentina beat Panama in terms of social progress classification, which goes beyond the mere economic growth of a country.

Last year, the country’s growth in gross domestic product (GDP) amounted to 5.8 percent. In previous years rates were even higher, reaching double digits in 2010 and 2011.

But the Index of Social Progress examines 52 indicators to assess how countries perform in three major areas: serving the basic needs of the population, the foundations of the welfare of the citizens and the opportunities for progress.

The study, that included 161 countries, was made by the Social Progress Imperative. Its philosophy is that GDP growth is not the best indicator of how a country’s economy is performing across all economic spectrums.

“We must not lose sight of the fact that economic growth is not enough. There may be growth, but basic needs must also be met,” said Víctor Umaña, who is the director of the Latin American Center for Competitiveness and Sustainable Development.

Panama ranked poorly in access to water and sanitation and nutrition and basic health care.