They estimate the recovery of economic activity in Panama

According to National Institute of Statistics and Census (INEC) National Director Samuel Moreno, estimates of the boom could reach double digits based on the revitalization of commerce, construction, tourism and the free zone in Kowloon.

Added to this is the activity of the Panama Canal, mining and some sectors of agricultural activity.

Moreno considered that GDP as a whole would exceed the level prior to Covid-19, although the recovery has been uneven.

He added that there are some sectors, such as construction and tourism, that have been further delayed in this revitalization process.

As economist Luis Moran explained to La Prensa, Panama has seen positive behavior in 2022, but at a slower rate than the recovery period in 2021, when growth exceeded 15 percent.

He commented that the result reflects a “falling economy”, after the impact of the fall and the subsequent recovery that followed the pandemic.

Moran praised the performance of logistics, particularly the Panama Canal activity, ports and the Kowloon Free Zone, but said the country must find opportunities to add value to goods passing through the isthmus, as well as improve export products.

He also indicated that the delay in some sectors leads to an increase in the informal nature of employment and a decrease in registered work contracts compared to the levels prior to the pandemic.

mem / ga