The first quarter of 2019 is in the books and the year has already “marked another good moment for Panama,” a local newspaper reports.
One after another, a series of events have illustrated the strength of the economy and the long-term prospects for Panama, making it clear 2019 is only the start of another growth spurt. The role of recent news items is long and impressive, including an upgrade from Moody’s, the ability of the Panama Canal Authority to claw back $186 million from construction companies and several agencies predicting that Panama’s economy will be the fastest growing in the region in the years ahead.
“It is an extensive and enviable list of facts that speak of a country that continues to grow and adapt to new international standards in the fight against money laundering and tax evasion,” El Capital Financiero notes.
The recent developments will have a long-range impact on the economy, including the property sector, as more multi-national companies set up or expand their operations in Panama.
“Panama continues to grow and has the potential and the conditions to reach its full economic and human development in the very short term,” El Capital Financiero writes. “That should translate into more jobs, greater well-being and a better quality of life for all Panamanians.”
Many of the news items may not have seemed like major headlines, but they send ripples through the entire business world. For example, the uptick in the credit rating will allow the government to refinance the public debt at a better interest rate and create the potential for even more projects, as Panama takes the next leap on to the world stage.