Site Meter
Send Us An Email
Panama Guide

Welcome to Panama Guide
Friday, April 18 2014 @ 04:04 AM EDT

View Printable Version

Panamanian Economist Predicts 80,000 Jobs Will Be Lost in 2009 (He's Wrong)

Money MattersBy Manuel Luna G. for La Estrella - 2009 will be a year of challenges; the global financial crisis will strike the country forcefully and the projections are not good. Economist Rolando Gordón sends the first warning, and according to his estimations this year there could be 80,000 jobs lost. Although this number is far less than the 2.8 million jobs expected to be lost in the United States, for a small economy such as ours the number calls for some reflection. Gordón's predictions are sustained in the forecasts being made by most economists who expect the economic growth in the country in 2009 to be less than 5%. Most jobs will be lost in the construction, commerce, and tourism sectors. Negative numbers began to show themselves last trimester. For example during the month of October 2008 real estate sales fell 78%. The former President of the Chamber of Commerce, Domingo Latorraca, does not talk numbers, but he agrees that the international financial crisis will effect the employment scenario in the country. Amidst this panorama, businessmen are betting that in 2010 the economy will turn around when the most significant portions of the construction work on the expansion of the Panama Canal begins. (Comments Follow)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Economy Grew 9.5% in 2008, 5.5% Expected in 2009

Money MattersBy Aet Elisa Tejera C. for La Critica - The Panamanian economy will grow 5.5% during 2009, compared to 9.5% growth in 2008, according to projections of economist Alexis Soto. Soto says if the sever distortions that exist in the market are not resolved through concrete and intelligent measures instead of mere subsidies and surface fixes, will will have a correction in the prices of petroleum in the second trimester that will have a devastating impact on the costs of basic food items. This, added, will cause the Gross Internal Product to fall, which is why he made a call to take advantage of the good years in preparation for the lean years to come. When doing a balance of the year, the economist said the best thing was that the sectors of the economy that propel economic growth in the country have the economic foundations to survive the present recession striking the primary economies of the world. With regards to the situations that affect the development of the country, he said the economic growth has been disorderly and poorly administered, which has increased the demand added to the economy generating unprecedented inflation, not only in the price of fuels and petroleum products, but caused by the severe internal distortions that in his opinion have not been solved. In his opinion this poorly administered growth has widened the gap between rich and poor, which is why there are still significant negative indications with regards to the distribution of wealth. (Comments Follow)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Finish the job by approving trade agreement

Money MattersBY ERIC FARNSWORTH (Miami Herald - Opinion - No nation in the Americas highlights better than Panama the historical sweep of U.S. relations with Latin America. From gunboat diplomacy at the birth of the nation to questions of sovereignty, dictatorship, drugs and finally partnership built on commerce, the U.S.-Panama relationship has often been shorthand for U.S. relations with the rest of the region. As the new U.S. administration gets set to take the reins in Washington, relations with Panama may once again prove to be broadly symbolic. It's been 19 years since most Americans gave any thought to Panama. On Dec. 20, 1989, the still of the early Panamanian morning was shattered by Operation Just Cause, a short but intense U.S. military effort ordered by President George H.W. Bush to remove the Noriega dictatorship from power and to restore democracy to the people of Panama. The incursion achieved its immediate goals, one of which was to get the implementation of the Panama Canal treaties back on track. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Bladex Banks on Panama's Thriving Economy

Money MattersBy Judy Alster for Right Side Advisors.com - Quick, name the hottest economy in Latin America. No. Sorry. Not Brazil. It's Panama — home of the world's second largest free-trade zone (after Hong Kong), with an overall economic growth rate just a touch under China's, and boasting 23 consecutive quarters of economic growth with a GDP that grew by 11% in 2007. U.S. retirees are moving there in statistically significant numbers and the Panamanian construction sector is growing wildly. All good news for Banco Latinoamericano de Exportaciones, or Bladex. We took a fast 8% profit in this stock in June in another 21st Century Investor portfolio. It fell some 50% by late October but now looks like it's basing. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Panama economic growth slows sharply in Oct

Money MattersPANAMA CITY, Dec 23 (Reuters) - Panama's economy slowed sharply in October, expanding 4.74 percent compared to the same month a year earlier, the government said on Tuesday. The economy had expanded by 8.57 percent in September, the government reported, revising its previous calculation for growth in September, which was originally reported as 8.24 percent. (Editing by Tom Hals)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Forbes Notes Panama's Prosperity

Money MattersBob Bauman - A leading U.S. financial magazine, Forbes, has taken note of something we've been talking about for months -- the fact that the Republic of Panama, one of our favorite offshore jurisdictions, so far has escaped the worst impact of the worldwide recession harming other nations. The Dec. 8th edition of Forbes sees three important factors producing Panama's seeming immune from the global financial mess. Construction, Canal & Colon: First, the Panamanian construction sector remains in hyper-growth mode as it has been for several years, even though there are sign the condo fever is waning in Panama City. Forbes notes that U.S. retirees are attracted by the comparatively lower cost of living, the ease of a dollarized economy, the presence of many English-speaking expats and locals and the proximity to the United States. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Panama calls for UN General Assembly session on financial crisis

Money MattersXinhua Panamanian President Martin Torrijos on Wednesday called for the holding of an UN General Assembly session to discuss the global economic crisis. During the final session of the Latin American Summit on integration and development here, Torrijos said the global crisis demands the region have better coordination mechanisms to face its negative effects. The president also requested more transparency in the international markets and called for more infrastructure projects on the continent. He also urged that joint efforts to aid each economy in the region be continued, while saluting Cuba's inclusion in the Rio Group. Within the framework of the Latin American Summit, Panama, Mexico, Guatemala and Colombia agreed to hold a Presidential Summit on security to fight drug trafficking and organized crime in Panama City in January. The security of these countries has been seriously affected by growing drug trafficking, Torrijos said.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Panama economy grows 9.2 pct in third quarter - gov

Money Matters PANAMA CITY, Dec 15 (Reuters) - Panama's economy grew by 9.2 percent in the third quarter over the year-ago period, helped by expansion of agriculture, manufacturing and services, the government said on Monday. Between July and September GDP grew to $4.73 billion, up $400 million from the same period in 2007, the Comptroller General's office said. Despite the continued gains, the rate of growth slowed slightly compared with the second quarter, when the economy expanded 10.1 versus the year-ago period. Panama's economy is expected to grow 9.5 percent in 2008 and 7.5 percent in 2009 as the impact of the consumer slowdown in the United States begins to hit global trade, down from the 11.2 percent posted in 2007. Transport, including shipping through the country's famous canal, accounts for around a fifth of Panama's gross domestic product. According to the government, other growth sectors continue to flourish including the construction sector, which has transformed Panama City's skyline into a mass of skyscrapers. In the third quarter, the construction sector grew 28.8 percent versus a year ago, accounting for just over 5 percent of GDP. (Reporting by Andrew Beatty; Editing by Gary Hill)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Panama consumer prices fall 0.6 pct in Nov

Money MattersPANAMA CITY, Dec 15 (Reuters) - Panamanian consumer prices fell 0.6 percent in November from a month earlier on lower international oil prices, the government said on Monday. After months of escalating prices prompted by high global energy and food prices, the Comptroller General's office said overall cost of living had dipped between October and November on lower transport, housing and utility bills. The price of transport dipped 6.6 percent from October to November, while water, electricity, gas and housing costs fell 2.5 percent on falling global oil prices. The figure brings 12-month inflation to 7.7 percent, the lowest rate since January. Facing public anger at the rising cost of living ahead of presidential elections scheduled for May 2009, the government has introduced a series of measures designed to keep prices down. Earlier this month, President Martin Torrijos promised to pay for fuel surcharges on electricity bills until December 2009, reducing monthly costs by up to 25 percent for an ordinary household. (Reporting by Andrew Beatty; Editing by Jonathan Oatis)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Panama Sept economic activity up 8.24 pct yr/yr

Money MattersPANAMA CITY, Nov 24 (Reuters) - Panama's economic activity increased by 8.24 percent in September compared with the same month a year earlier, the government said on Monday. Panama's economy has tapered its pace of expansion in recent months amid increasing expectations that the United States and other countries are stumbling toward recession. Panama's economic activity increased 9.24 percent in August, year over year. The economy is expected to grow 9.5 percent for full 2008, despite a global liquidity crisis. The comptroller general's office said construction, real estate and hotel and restaurant sectors all surged in the first nine months of the year. The hotel and restaurant sectors benefited from an increase in tourist numbers, the government said. Panama's tourism authority says it has seen a sharp rise in tourism from Europe this year. (Reporting by Andrew Beatty; Editing by Diane Craft)
Share
  • Facebook
  • Google Bookmarks