World Bank Estimates 2.4% Panama Economy Growth

Panama’s economy will grow this year at a rate of 2.4%, according to estimates by the World Bank, which also projects that by 2025 the country’s gross domestic product (GDP) will accelerate to 3%. This estimate is similar to that of the Ministry of Economy and Finance, which projects real GDP growth of 3% and nominal GDP growth of 5%. William Maloney, chief economist for Latin America and the Caribbean at the World Bank, said that Panama should take greater advantage of its competitive advantages and those of the Canal for the near shoring business.