Panama business execs send economic collapse warning

The Panamanian Association of Business Executives (Apede)  has warned that the effects of the  coronavirus pandemic  could mean the loss  of 250,000  jobs this year  and plunge the country in to an economic collapse.

In a statement to the country, on Sunday, June 14 the business union announced that they face a strong loss of formal jpbs as a result of the fall in demand and consumption. Furthermore, it is important to reach a consensus among all sectors of the country to overcome the crisis.

“If no immediate action is taken, before the end of 2020, we would be facing imminent economic collapse, with the loss of between 250,000 and 300,000 jobs. Of these, between 125,000 and 150,000 would be formal, particularly from micro, small, and medium-sized companies (MSMEs) in the Commerce, Industry, Logistics, Hotels / Restaurants, and Financial Services sectors, ”the statement says

Apede calls on the Government so that together with the country’s living forces, private companies, workers and organized civil society, the creation of a National Pact is promoted to develop a strategy to overcome this crisis. health and economic crisis

They emphasize that to achieve a safe and effective reactivation, relevant aspects of the reopening process are evaluated. 

A comprehensive opening is proposed by region, the reactivation of the construction sector due to its multiplier effect and the establishment of a detailed plan for emergency financial assistance.