Latin American economies are expected to continue to struggle in the year ahead, but not Panama, according to a new report from the United Nations Regional Economic Commission for Latin America and the Caribbean (ECLAC).
ELAC is sticking to its projection that Panama’s economy will grow by a healthy 6.3% in 2022, the largest growth in the Latin American and Caribbean region. That is very close to the 6.5% growth expected by the World Bank, which suggests economists have a clear idea of the ability of Panama’s economy to withstand the turbulence affecting other countries.
Overall, the region’s growth is expected to slow to 1.8% in 2022, in large part due to the war in Ukraine and the lingering effects of COVID, El Capital Financero reports. Regional inflation will be 7.5% and is expected to remain high for the rest of the year due to high energy and food prices and disruptions in global supply chains, as well as continued high costs. of transportation.
The new data reinforces the consistent message about Panama from financial analysts worldwide. The foundation of Panama’s economy is unusually resilient to the ebbs and flows of the global economy, thanks to the steady revenue from the Panama Canal and large projects throughout the country, including the expanding Cobre Panama mining operations.
These factors also provide a stable foundation for Panama’s real estate market, providing a steady stream of renters and buyers interested in the property.