In the first nine months of 2021 alone, growth stood at almost 15%, a figure that represents more than twice the growth of the region.
The gross domestic product (GDP) of Panama will grow by at least 5% in 2022 driven by construction, mining and the interoceanic Canal, among other sectors, said this Sunday the head of the Ministry of Economy and Finance (MEF), Héctor Alexander.
“We are very optimistic about what will happen in the year 2022″ Said Alexander, who specified that GDP growth next year “will not be less than 5%,” said the MEF in a public statement.
The Government has calculated that in 2021 the economy will grow around 10% compared to 2020, when the GDP collapsed by 17.9% due to the crisis derived from the ongoing pandemic.
Alexander said that the activities that will boost the economy in 2022 are those that showed “signs of recovery“In 2021, such as” construction, mining, exports, wholesale and retail trade, the operation of the Canal and its related activities and the port system in general. “
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The Minister of Economy added that at first it was calculated that the level of national production reached in 2019, before the global health crisis caused by covid-19, would recover in 2023, but that it “probably” will be ahead of 2022 by the dynamism that the economy is showing.
Panama recorded a GDP rise of 14.9% between January and September 2021, according to data from the National Institute of Statistics and Census (INEC) revealed this Sunday by the Panamanian president, Laurentino Cortizo.
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Minister Alexander also spoke of the “good expectations” that tourism has, one of the sectors hardest hit by the pandemic, and said that “in the coming years it will be, without a doubt, one of the growth engines”.
Alexander “highlighted the countercyclical policy that was applied since the beginning of the crisis period due to the pandemic and the important turn that public finances are beginning to take towards a more sustainable route, which will allow a reduction between 65% and 70% of the debt-to-GDP (ratio)”, Indicated the MEF.
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The impact of the pandemic on public finances, such as a significant drop in revenue, led the State to turn to the markets, which triggered the debt / GDP ratio to 70% today from 46% before the health emergency. (I)
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