Panama 2015 growth leads the continent at 7%

PANAMA will have the fastest growing economy on the continent in 2015 according to a projection from the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).
Its growth rate for next year is expected to reach 7%, ahead of Bolivia (5.5%), Nicaragua (5%), Peru (5%) and the Dominican Republic (5%).

 Other countries in the region will have more moderate growth, while Venezuela is expected to decline 1%.
Overall, Latin America and the Caribbean will grow 2.2%, doubling that for this yearat expected for this year (1.1%). “This moderate hike will occur in a context of slow and heterogeneous recovery of the global economy, with a dynamic related to the falling prices of raw materials and sluggish external demand for the region and increased financial uncertainty, “said ECLAC.
The agency also relates to the balance of public accounts. “Latin America recorded a slight increase in the fiscal deficit of 2.4% of gross domestic product (GDP) in 2013 to 2.7% in 2014, while the Caribbean reduce its deficit to 3.9% in 2014 from 4.1% last year. Furthermore, the public debt of countries in the region will remain low and stable levels in the near 32% of GDP average, ” it said.
This year, Panama’s growth is expected to be 6%, again making it the fastest growing country in the region.
ECLAC estimates are similar to those of the national government, which had projected a growth of around 6.5% reports La Prensa.