|
The economy and the global financial system were
pushed to the brink a year ago. The world
entered in what has been called as "the worst
crisis of the past 70 years". The major
industrial economies contracted, production and
international trade fell to record levels. But
despite all this, Panama kept growing.
Although, the economy growth did fall from 9.2%
in 2008 to a 2.5% in the first quarter of 2009
which undermined the public finances, the gross
domestic product did not experience any drops in
the September 2008 - March 2009 period, and
unemployment did not increase either. The
economy minister, Alberto Vallarino, described
as "positive" the economic growth of
2.5% in Panama during the first half of 2009
considering the global economic crisis.
According to the projections from the
International Monetary Fund (IMF) and the
Economic Commission for Latin America (ECLAC),
Panama will be once again the Latin American
country with the most growth this year, a rate
of about 3%. In the view of leading economists,
"Panama dodged this crisis much better than
most countries in the world".
Additionally, Panama moved up 6 spots in
Doing Business 2010, a report released by the
World Bank and IFC for six straight years.
Panama had been ranked 77 among 183 economies
around the world.
In 2008, Panama had occupied the position
number 71. Report co-author, Frederick Bustelo,
said that "Panama is heading in the right
direction." The rise in the scale of
assessment is the result of reforms in the
management of building permits and property
registration.
|