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Panama's economy will continue to grow, say analysts, resisting the global downturn led by US economic woes.
"The
strong economic performance of the last few years continues, despite
the deteriorating global environment," said International Monetary Fund
(IMF) officials last week in a public statement.
"Panama was
one of the fastest growing economies in the world in 2007 with real
growth rising to 11.2 percent, following an average growth rate of
nearly 8 percent in 2004-06 ... Growth in 2008-09 is projected to slow
somewhat, to about 8 percent, with the Canal expansion and related
investment activities partially offsetting the effects of higher oil
prices and the slowdown in the U.S. and the global economy."
In
fact, it is Panama's service-based economy that has allowed it to
weather rising oil prices, as well as its proximity to the US, where
economic uncertainty has travelers opting for nearby leisure
destinations. Panama is emerging as a significant business and tourism
destination in the region for travelers from both North and South
America, with the Tocumen airport acting as a regional hub between the
continent's major cities.
In a report issued by the
Panamanian government, authorities estimate the tertiary or service
sector accounted for nearly three-quarters of the country's GDP in 2006.
Read the full text of the public statement here.
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