Mixed news in the economy… better news in the institutional front

PANAMA - Report 20 Dec 2019 by Alex Diamond and Marco Fernandez

The general feeling that the economy is doing poorly in terms of economic activity and job creation was supported by the recent data (2.7 percent growth in QIII and 2.9 percent in the year). Therefore, economic growth for 2019 will be lower than in 2018 (3.7 percent). Retail sales, free trade zones and construction continue their slump. The private sector is optimistic for 2020, despite an austere NFPS budget. President Cortizo’s appointments to the Supreme Court and the confirmation by the Legislative of the new Attorney General sent a message of confidence to society. Legislation increasing transparency and improving money laundering prevention shall give a positive perspective to the international markets.

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