World Bank Predicts Panama Growth At 6.5% This Year

• The World Bank predicts that Panama will grow 6.5% this year, which represents one of the highest growth rates for the region. It is also forecasts that the sovereign will grow by 5% in both 2023 and 2024. 
• The growth trend of the economy will continue in the coming years, after the strong contraction of 17.9% in 2020, as a result of the restrictions imposed by the Government to contain the pandemic. The drop was partially offset in 2021, with a growth of 15.3% caused by the lifting of restrictions and increased economic activity. 
• The Ministry of Economy and Finance of Panama estimates that this year it will be possible to recover its pre-pandemic level of gross domestic product (GDP). One of the Executive's commitments to achieve this convergence is the activation of construction through projects awarded under the turnkey model, supported by a repayment scheme of 50% halfway through the work and the remaining 50% upon completion. 
• Panama is recovering from the crisis caused by the pandemic, as is Latin America on a whole. After a 6.9% rebound in 2021, the region's GDP is expected to grow 2.3% this year and an additional 2.2% in 2023

(Source: Newsroom Panama)