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Investments in Panama's port capacity and services are diversifying transport
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Making up 18.53% of the country’s GDP at a value of $6.6bn in 2014, transport, storage and communications has historically been a pillar of Panama’s growth. The opening of the Panama Canal in 1914 and the subsequent handover of the passage from the US to local authorities at the end of 1999 has been a catalyst of the country’s economic success. Many activities related to logistics such as transhipments,…

Overview

Panama retail sector receiving a large boost
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Despite slower GDP growth in 2014 – 6.5% compared to 8.4% in 2013 – Panama remains one of the fastest-growing economies in Latin America and the Caribbean, with regional counterparts averaging 5.5%. According to figures from the World Bank and the IMF, while the Panamanian economy is currently the 13th largest in the region, with a nominal GDP of $43.8bn, growth is set to continue at around 6%…

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Demand in Panama shifts to low- and mid-range housing
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For many years Panama’s real estate market has been one of the fastest growing in Central America. This growth has been driven by a combination of factors, including the country’s prime geographic location; sustained economic growth, which has averaged more than 8% over the past decade; and the influx of foreign investment seen in recent years. The emergence of a middle class in the country has…

Overview

New energy investments to help Panama regain lost ground
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With a vision to turn Panama into an energy hub, the new administration is looking to strengthen the existing electricity and hydrocarbons market and its infrastructure, using both public and private investment, to place the country in the region’s spotlight. Multimillion-dollar investments in fossil fuel power generation, network infrastructure and renewables are in the pipeline over the coming…

Overview

Panama authorities working to attain digital inclusion for all citizens
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Panama’s ICT sector is a key enabler of the country’s high-growth, services-based economy. Strong technical infrastructure coupled with a robust legal regime present favourable conditions for local and international technology companies. The “Global Information Technology Report 2015”, published by the World Economic Forum, ranked Panama 51st amongst 143 countries in terms of the quality and…

Overview

New convention centre in Panama expected to provide significant boost to tourism
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Buoyed by increasing connectivity and promotional efforts at the international level, Panama’s meetings, incentives, conventions and exhibitions (MICE) segment has seen stable growth in the past few years. Panama forms a key part of the MICE market in the Central American region, and the short-term outlook for the segment is promising. Expansion of MICE infrastructure, added capacity and growing…

Overview

Panama tourism growth set to continue with new promotions and offerings
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The economic development Panama has experienced over the past decade has had a lasting impact on the tourism sector. Buoyed by expanded connectivity and increasing investment in hotels and convention centres, the sector has experienced unprecedented growth in the past few years. Today, it is a pillar of Panama’s economic development, generating more revenues than transit fees from the Panama Canal…

Overview

Panama working to boost production and enhance food security
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Agricultural development in Panama has historically been hampered by a series of structural issues, including fragmented ownership of land, limited access to financing and deficient transport infrastructure, although efforts are now under way to change this. Former President Ricardo Martinelli – who was in office from 2009 to 2014 – designated agriculture as one of the country’s four pillars…