Economic Contraction Predicted in Panama

The Economist’s Unit of Economic Intelligence revised its growth estimate which was at 3.4% for 2009 downward, fixing it at minus 1.4%.

Friday, March 6, 2009

The forecast for 2010 is a slight recovery of 1.4% over 2009. The report also predicts victory in the upcoming presidential elections for opposition candidate Ricardo Martinelli.

With regard to this report, the Ministry of Finance signaled that it had possibly "(not taken) into account the financial incentive program recently announced by President Martín Torrijos.”

Mónica Palm, in her article in Prensa.com said, "The Panama Canal Authority (ACP) should pay attention to what The Economist is saying since it is warning about the possible need to search for other sources of funding to expand the Canal if the goal is to finish the job in 2014. The fact is that, according to what was originally projected, 56% of the funding for the expansion is coming from toll revenues, but a drop in vessel transit is anticipated."

More on this topic

Martinelli Wins Panamanian Election

May 2009

The opposition Alliance for Change candidate was elected the next president of Panama by a wide margin.

With 91% of the polling stations having been examined, Ricardo Martinelli had obtained 60.31% of the votes, followed by the official candidate of the Democratic Revolutionary Party (PRD), Balbina Herrera, who had accumulated 37.33% and Guillermo Endara, who had received 2.35%.

Elections in Panama in Final Stretch

April 2009

The period for electoral propaganda ends today, just three days from the May 3 elections.

Panamanians will elect the successor to current President Martín Torrijos for the period 2009-2014.

Prensa.com reported: "The candidates for the Presidential Seat are: Ricardo Martinelli of the opposition Alliance for Change, the official candidate of the Democratic Revolutionary Party (PRD), Balbina Herrera and former president Guillermo Endara, of Moral Vanguard for the Country (VMP)."

Elections in Panama: Economic Programs

April 2009

For whoever wins the elections on May 3, the main challenge will be to maintain the economic growth that has averaged 8% annually in recent years.

Both the PRD (the Democratic Revolutionary Party, plus the Liberal Party and the People's Party) and Alianza para el Cambio (Democratic Change, the Patriotic Union, the Panamanian Party and Molirena), propose the continuation of the current macro-economic direction of the country, giving continuity to many of the programs conducted by the government of Martín Torrijos.

Panama: Growth and political stability

January 2009

The results of the elections could marginally change a lot of things but they cannot significantly alter the direction of the country.

The country of the Canal has been the Central American powerboat in the last few years. High figures in sustained economic growth has caught the attention of the world, and with the upcoming electoral campaign, international analysts see the reasons for the Panamanian bonanza "as a successful conjunction of politics, governmental decisions, and stability in regulations."

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