Thousands are Fighting for a Job in Panama: Unemployment is at its Peak
Labor Consultant Quevedo: “We must instill confidence that investing in Panama is a good business.”
Unemployment has been a major concern at the most recent job fair, which has been dwarfed by the massive turnout of citizens seeking employment opportunities. The desperation for employment has become evident, as the figures confirm: 203,253 people are currently unemployed in Panama. A clear example of this reality was the Job Fair 2.0, organized by the Panama City Hall, which was attended by hundreds of citizens, many of them praying to be selected for one of the 7,000 available vacancies. The Panama Convention Center, located in Amador, was packed to the rafters. Everyone shared a common hope: to break free from the unemployment statistics.
For labor consultant René Quevedo, this fair clearly reflects the country’s complex economic situation, where job demand far exceeds supply. He noted that this disparity is the result of a marked reduction in private investment, estimated at more than $4.6 billion between 2019 and 2024, as well as the loss of investment grade status by Fitch Ratings in March 2024. “These factors have caused a sharp contraction in liquidity and domestic consumption, worsening the labor outlook,” the expert added. “Our labor crisis is not just about employment, but about confidence,” said Quevedo, who added that these figures could improve as confidence in the private investment climate is restored and educational offerings continue to be aligned with the needs of the productive sector.
