A mission from the International Monetary Fund (IMF), led by Corinne Delechat, visited Panama from 7 to November 18 to conduct the annual Article IV Consultation (1). At the end of the discussion, Ms. Delechat issued the following statement in Panama City:
"Panama is still one of the fastest growing countries in the Americas. Thanks to many years of strong growth in gross domestic product (GDP), accompanied by a successful fiscal consolidation, debt ratios have declined rapidly and the credit rating of sovereign debt has improved. The financial sector proved its resilience during the international crisis of 2008-09, and stress tests conducted as part of a recent mission by the Financial Sector Assessment Program (FSAP) confirmed that the banking system would remain adequately capitalized even in difficult external conditions.
The short-term prospects are favorable, although the risks associated with global economic activity and financial stability are increasing. It is anticipated that the expansion of the Panama Canal and the government's investment program will continue to fuel demand and growth in the coming years, mitigating the adverse impact of the global outlook. It is projected that real GDP growth will exceed 8.5% in 2011 thanks to the uninterrupted soundness of the construction, trade and transport sectors, and will experience a slowdown in 2012. Inflation will remain relatively high, reaching a cumulative 5.2% in late October, but a gradual decrease is projected as pressure on raw materials continues to smooth out worldwide.”
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