PANAMA’S ECONOMY: THE BIGGEST GROWTH IN LATIN AMERICA
Panama’s has had significant growth economy for more than 10 years. The privileged geographical position that the country has, foreign direct investment, infrastructure, and tourism, are just some of the factors that have contributed to this growth of long standing.
The International Monetary Fund (IMF) highlights the growth of Panama’s economy in the last decade as the highest in Latin America and expects to continue to have one of the highest rates in the region medium term, with low inflation, and a stable financial system.
The report published by the International Monetary Fund was the result of a routine that makes this international organization member countries. In this report, Panama’s economy has an increase of about 6% for 2016 and medium-term projects. Growth in Panama’s economy in 2014, got to reach 7.2%. For 2016, the first quarter shows a 5.7% growth, according to a data from the Ministry of Economy and Finance.
Despite the recent scandal over a leak of documents from the firm Mossack-Fonseca known as “Panama Papers“ and the charge of money laundering made in May, the Office of Foreign Assets Control US the group and Abdul Waked and Nidal Waked entrepreneurs, the IMF urges greater efforts to enhance financial transparency, strengthen the fiscal framework and promote inclusive growth.