Panama top World Bank growth projections for Latin America

The World Bank estimates that Panama’s gross domestic product (GDP) will grow 6.2% this year, and then adjust downward, with 5% in 2023 and 2024.

But while the economies of Latin America and the Caribbean have recovered a certain sense of normality after the pandemic, the World Bank forecasts that there will be a regional growth of 3% at the end of 2022, a higher rate than expected previously due to the rise in the prices of raw materials.

However, the global uncertainty due to the war in Ukraine, the rise in interest rates in developed countries, and the relentless inflationary pressures will impact the economies of this part of the world in 2023 and 2024.

The agency forecasts low growth rates for the next fiscal periods, of 1.6% and 2.3% in 2023 and 2024. respectively, in part because the prices of raw materials are expected to fall by 10% next year,