Panama not panicking amid economic trouble

June 26, 2009

PANAMA CITY, Panama – After Several years of explosive economic growth, Panama is starting to show signs of wear from the world economic crisis.

The economy, which was growing at near double-digit rates a year ago, registered a more modest 2.5 percent growth rate for the first quarter of 2009, according to government figures released last week.

Leaders of the real-estate development sector, which has powered the country´s economic expansion for the past five years by producing more than $1 billion in new construction annually, now predict as many as 60,000 workers could be out of a job by the end of the year.

But Panama isn´t panicking. In fact, thanks to its solid banking system, geographical position and perhaps a dose of good luck, Panama expects to ride out the crisis better than its neighbors and come out the back end of the storm stronger than it went in.

See the June 26 print or PDF edition of The Nica Times, a publication sold with The Tico Times, for more on this story

You may be interested

Response to disaster: aid successes, struggles in post-Maria Puerto Rico
Weather
208 views
Weather
208 views

Response to disaster: aid successes, struggles in post-Maria Puerto Rico

John McPhaul - December 13, 2017

As Costa Rica joins many other nations in looking back upon the horrendous 2017 hurricane season, longtime Tico Times contributor…

Looking back at Hurricane Maria: the initial impact
Weather
1391 views
Weather
1391 views

Looking back at Hurricane Maria: the initial impact

John McPhaul - December 12, 2017

As Costa Rica joins many other nations in looking back upon the devastating 2017 hurricane season, longtime Tico Times contributor…

Cold front claims fourth victim in Costa Rica
Weather
4015 views
Weather
4015 views

Cold front claims fourth victim in Costa Rica

Katherine Stanley - December 12, 2017

High winds claimed the life of a fourth victim in Costa Rica as the cold front that has been moving…