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This paper estimates medium-term potential growth for a country undergoing significant structural and secular changes. Our forward-looking framework, incorporating three analytical approaches for examining economic prospects, constitutes an important complement to typical backward-looking methods that filter or extrapolate historical data. In particular, the opening of the expanded Panama Canal in 2016 highlights significant structural changes underway in the Panamanian economy. We first analyze growth determinants and find that Panama is well-placed to maintain its business model, with improvements in education and governance important to support growth. Second, the current pipeline of investment projects can help sustain investment-led growth, although at a more moderate pace. Third, further development of the logistics and tourism sectors holds promise to further build on Panama’s comparative advantage.

Panama

International Monetary Fund. Western Hemisphere Dept.

Published: 2019-01-17

Total Pages: 88


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Panama

International Monetary Fund. Western Hemisphere Dept.

Published: 2020-04-21

Total Pages: 76


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This 2020 Article IV Consultation with Panama discusses that focuses on Panama’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. Growth is expected to recover to 4.8 percent in 2020. However, the balance of risks is tilted to the downside. A gradual fiscal consolidation can address the large fiscal imbalances while being mindful of the weak economy. Tax and customs administration reforms are needed to address the shortfall in revenues and provide room for public investment and social spending. The economic slowdown, which began in mid-2018 due to a construction strike, extended into 2019. The external current account deficit narrowed and remained adequately financed by foreign direct investment. As the economic situation in Venezuela continues to deteriorate, an increasing number of Venezuelans have migrated to Panama, creating additional social pressures.

Panama

Great Britain. Commercial Relations and Exports Department

Published: 1921

Total Pages: 436


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Vol. for 1921-1922, 1926-1929, 1933/1935-1936/1937 include report on Costa Rica.
Economic research monograph on the economic implications of world inflation on the economic development of Panama - outlines economic trends from the pre-war period until the present, covers demographic aspects, balance of payments, export and import trends, monetary policy, fiscal policy, future economic growth prospects, the importance of the Panama Canal Zone to the economy, the role of USA, etc. Bibliography pp. 225 to 236, references and statistical tables.

Panama

World Bank. Latin America and the Caribbean Regional Office

Published: 1985

Total Pages: 398


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This report examines recent economic performance and structural adjustment in Panama. The deteriorating employment situation is discussed with respect to policy reforms in employment and labour markets. The issue of public sector finance in the context of the country's external debt burden is addressed, and the need for further institutional reform is demonstrated. Other topics examined include: agricultural and industrial policies; the potential for export and import substitutes and incentives; development strategies; and export-oriented service activities that directly affect economic and institutional aspects of exporting, including the port system, Panama Canal, ocean freight cost, land transportation, Colon free zone, and reverted areas. The report concludes with projections of economic performance through the 80's under alternative policy assumptions.
Macroeconomic vulnerabilities have declined since the peak of the COVID-19 pandemic in 2020. The economy is expected to rebound swiftly in 2021 as activities return to normality and the population is increasingly vaccinated. External imbalances are contained. The fiscal position is gradually consolidated as the authorities remain committed to the revised fiscal rule, which will ensure a declining path for the NFPS debt. The outlook remains subject to elevated risks, including uncertainties arising from possible more contagious variants of the COVID-19 virus. Domestic risks include setbacks in implementing the FATF action plan to exit the grey list, delays in fiscal consolidation, and a prolonged pandemic that could exacerbate socioeconomic hardship and derail economic policies and the recovery.
After over two decades of unprecedented economic expansion, Panama’s economy contracted sharply in 2020 amidst challenges from the COVID-19 pandemic. As conditions rapidly deteriorated, Panama requested financial support under the Rapid Financing Instrument (RFI) for 100 percent of quota equivalent to US$0.5 billion (SDR 0.4 billion) to address immediate balance of payments needs, which the IMF Executive Board approved on April 15, 2020. Subsequently, uncertainties magnified, and Panama requested a two-year arrangement under the Precautionary and Liquidity Line (PLL) for 500 percent of quota, equivalent to US$2.7 billion (SDR 1.9 billion), as insurance against extreme external shocks, which was approved by the IMF Executive Board on January 19, 2021.