Chamber of Commerce raises Panama growth forecast  

Panama’s  Chamber of Commerce, Industries and Agriculture (Cciap) revised up its estimate of economic growth for this year, from 8.2% to 13.8%.

Manuel Ferreira, director of Economic Affairs of the Cciap, explained that the review is made considering the performance of the second quarter and the expectations for the second half of the year.

The recovery is taking place at different rates and is driven above all by activities linked to international trade, such as the Canal, ports and exports.

Domestically, construction is stabilizing, with a higher level of activity in the residential segment of preferential interest, but it will not be the vitalizer of the economy of other times, he said.

The rebound projected for this year includes a rebound effect due to the strong contraction of the economy in 2020 (-17.9%). For 2022, the Chamber forecasts a growth of 6.4%.

The economist said that he expects a reduction in the unemployment level from 18.5% to 16.5% this year, a figure that would still be in the double digits and that represents the most critical issue for the economy.