Economy & Business - October 2023

PANAMA | Gov’t raises 2023 GDP forecast. On 20 September Panama’s economy & finance (MEF) minister, Héctor Alexander, raised Panama’s GDP growth forecast for 2023 to “at least” 6% this year, up from 5% as forecast previously. Panama’s economy grew 10.8% in 2022 and 15.8% in 2021, amid a bounce back following the impact of the coronavirus (Covid-19) pandemic which struck in 2020 and led the economy to contract 17.9% in 2020, on International Monetary Fund (IMF) data. Alexander said that the growth forecast for 2023 was the highest prior to the pandemic since 2014. According to an MEF press release, Alexander said that Panama’s monthly indicator of economic activity (IMAE) posted accumulated growth of 7.8% in the first half of 2023, driven by trade, construction, tourism, and banking, among other sectors. Alexander also said that economic growth is driving job creation and formal employment. He said that from September 2020 to April 2022 employment was up 13%, of which 92% was formal employment.

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