Panama economy will grow 8-12% this year

Panama’s economy will grow between 8 and 12 percent this year depending on which forecast you accept.  The International Monetary Fund (IMF) updated its growth projections for the world on Tuesday and in the case of Panama it predicts 12%; the World Bank projects 9.9%; Fitch Ratings agency expects 9.2% growth; while Moody’s and the Panama Chamber of Commerce, Industries and  A agriculture are the least optimistic at  8%.

Part of the expected growth is explained by the fact of starting from a low base since the gross domestic product (GDP) contracted in 2020 due to the pandemic and restrictions on the economy.

The economist Felipe Argote said: “we fell so deep that the recovery is relatively simple. If we do not grow double digits, it is because nothing is done ”.

The Chamber of Commerce said yesterday that in its estimate it considers that activities such as the Panama Canal, ports, the export of copper ore, and gold among others, will lead to a rapid recovery.