Panama lowers growth projection

PANAMA’S Ministry of Economy and Finance (MEF) has followed the IMF, THE World Bank and other groups in revising downward its economic growth projection
It now projects the economy will grow 5.6 percent, this year and not the 6 percent it had previously estimated.
Ministry official Raul Moreira said, on Thursday Oct. 13, that the adjustment is due to a slowdown in world trade which has affected Panama.
The slowdown has impacted the amount of traffic through the Panama Canal and at its ports, as well as business in the Colón Free Zone.
In recent weeks, the International Monetary Fund, the World Bank and the Economic Commission for Latin America and the Caribbean have also lowered their forecasts for Panama’s economic growth.
Despite the adjustments, the Panamanian economy is still expected to be among the most dynamic in Latin America.
Moreira said that the country will remain stable due to its investment in infrastructure and the diversification of its economy.