Economy: Slight Improvement in Central America

After the economies of the region grew by 2.6% in 2018 as a whole, the IMF estimates that 2019 would close with a rise of 2.7% and could reach 3.4% by 2020.

Wednesday, October 16, 2019

The document "World Economic Outlook", prepared by the International Monetary Fund (IMF), states that for Panama the projected growth of the Gross Domestic Product (GDP) for 2019 was reduced from 5% to 4.3%.

Although Panama remains among the most dynamic economies in Latin America, the economic recovery has been slower than anticipated, with construction and services some of the sectors affected, argued the international organization.

According to IMF forecasts, the Dominican Republic will be the economy that will grow the most in the region, as it would report a 5% increase by the end of the year. For 2019 Guatemala and Honduras project 3.4% growth, El Salvador 2.5% and Costa Rica 2%.

In the case of Nicaragua, the forecasts are not very encouraging, because after the economy contracted 3.8% in 2018, due to the political and social crisis that began in April last year, for 2019 the IMF estimates that the fall in GDP will be 5%.

In the global context, the IMF says that after "... a strong slowdown in the last three quarters of 2018, the pace of global economic activity remains weak. In particular, the momentum of manufacturing activity has weakened substantially and reached levels not seen since the global financial crisis.

More generally, growing trade and geopolitical tensions have exacerbated the uncertainty surrounding the future of the global trading system and international cooperation, damaging business confidence, investment decisions and international trade
."

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More on this topic

Economic recession caused by the crisis

October 2018

New World Bank projections estimate that because of Nicaragua's political crisis, the country's GDP will fall 4% this year and 1% in 2019.

According to the expectations of the international organization, Nicaragua will be the only economy that will decrease in Central America, because of the political and social crisis in which the country is involved since last April, it is expected that the Gross Domestic Product (GDP) will decrease 3.8% in 2018 compared to 2017.

Panama to Grow 5.6% in 2016

October 2016

The government plans to close the year with growth of 5.6% in GDP, and estimates and an increase of 6.3% for 2017.

From a statement issued by the Ministry of Economy and Finance: 

Panama's economy continues to grow strongly and steadily, in the context of low inflation, low unemployment and good fiscal performance. 

IMF Concludes Review of Panama

November 2011

"Panama is still one of the fastest growing countries in the Americas."

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:

Nicaraguan GDP drops in 2008

November 2008

The growth of the Nicaraguan economy at the end of 2008 will be lower than that of 122 other developing countries.

Even the GDP of Sierra Leone which was the lowest on the Human Development Index will be 2.5% higher than the estimate figure for Nicaragua.

"This is not the best scenario we could have expected in 2008," said economist Alejandro Arauz yesterday, based on the mos recent projections from the IMF on global economic perspectives...

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