Economy: Construction and Tourism to Boost Growth

In Panama the government estimates that in 2020 the economy will grow between 4% and 4.5%, a rise that would be determined by the behavior of construction, tourism and exports.

Tuesday, January 14, 2020

According to estimates from the Ministry of Economy and Finance (MEF), by the end of 2019 the increase in the Gross Domestic Product (GDP) could fluctuate between 3% and 3.5%, while by the present year 2020 it will be between 4% and 4.5%.

Construction will be boosted this year because of the positive impact that will arise after the reform of the Preferential Interest Law and the payment of $438.8 million to more than 20 banks that finance housing with preferential interest, as well as $3,075 million in infrastructure projects scheduled for 2020, the authorities forecast.

Hector Alexander, Minister of Economy and Finance, told that "... the international tourism promotion campaign, the entry into operation of Terminal 2 of the Tocumen International Airport and the Amador Convention Center, as well as the construction of the Amador Cruise Terminal, will help boost the arrival of visitors to the country."

The article adds that "... for this year it is expected that exports of Copper and other metals by Minera Panama will help raise the country's economic growth by 1%, which will be added to the increase in banana exports by the company Banapiña and beef exports to the People's Republic of China."

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