Panama growth leads Central America but needs more

505Views 0Comments Posted 09/01/2020

The World Bank says that Panama leads the economic growth of Central America with an estimated rate of 3.5% in 2019 and a projection of 4.2% by 2020 but more is needed say economista.

Meanwhile, Nicaragua sinks with -5% and -0.5%, respectively, according to) data released on Wednesday, January 7.

The multilateral perspectives keep Panama, with a population of about 4.2 million and with a service-centered economy, at the forefront of growth in the region in 2021 and 2022 with rates of 4.6% and 4.8 %, respectively.

Economists consulted by the Efe News Agency said that Panama, under the current economic model based on services, must register an annual growth rate of at least 5% to generate new jobs and reduce unemployment, which stands at 7.1% according to the most recent data.

Nicaragua Crisis
Nicaragua is going through a serious socio-political crisis that, since the social outbreak against President Daniel Ortega in April 2018, has left more than 300 dead, according to the Inter-American Commission on Human Rights (IACHR), although local organizations put the number at more than 500 and the Government recognizes 199.

Honduras is the second most dynamic economy in Central America, with a GDP expansion estimated at 3.3% in 2019 and projected at 3.5% by 2020, 2021 and 2022, according to the Bank It is followed by Guatemala, with an estimated growth of 3.4% in 2019.

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