IMF cuts Panama growth rate projections

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THE INTERNATIONAL MONETARY Fund (IMF)  has cut its projections for Panama.’s growth for the current year and through to 2022  point.by half a percentage point.

In a World Economic Forum 2017, report entitled “Looking for sustainable growth”, the IMF  reduced the expected growth for this year, from 5.8%  announced in April to  5.3%.

The projection for 2018  went from 6.1% to 5.6%, while estimates for the average growth until 2022 are   5.5%, half a percentage point below the 6% forecast in April.

The Ministry of Economy and Finance (MEF) issued a statement revising their own economic projections to   5.5%, and not 5.8%, as had previously been predicted,  adding that “the downward revision is attributed to a moderate growth and, in some cases, slower growth in areas  such as financial intermediation, real estate, business and rental, retail and electricity supply. ”

The MEF, however, “remains optimistic about the behaviour of the economy due to the good performance of world trade, which has a positive impact on sectors such as the Panama Canal, the ports and the Colon Free Zone. “The Government considers that investments in public services such as the second line of the Panama Metro, the Urban Renewal of Colon and the third bridge over the Panama Canal will vitalize the economy.

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