Economic growth in Panama will experience a slight increase for this 2016. It is estimated that the isthmus will lead the regional growth with a 6.2% according to a report published by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).
Economic Growth in Panama – Gogetit Highlights
* Economies of Latin America and the Caribbean, will have a setback of 0.4% on average in 2015 and will grow only 0.2% for 2016, impacted by a complex external scenario.
* In projections of ECLAC, Panama will lead the regional growth next year with an expansion of 6.2%, followed by Dominica and Dominican Republic (5.2%), Saint Kitts and Nevis (4.7%) and Bolivia (4.5%).
* Countries such as Nicaragua, is projected to grow 4.3%, while Cuba will grow at 4.2%, Guatemala 4.0%, 3.4% Peru, Costa Rica and Honduras 3.3%, Colombia and Paraguay 3.0%, Mexico 2.6%, 2.5% Haiti, El Salvador 2.4%, Chile 2.1%, 1.5% Uruguay, Argentina 0.8% and Ecuador 0.3%.
In a recently publication made by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) released in Santiago de Chile, were updated estimates made last October and was announced that economic growth in Panama, will be the most significant in the region.
Another point of the report, said that the region in 2016, faces different scenarios and risks for the world economy, which certainly will condition its economic performance. On the external front, it is expected that global growth remains slow and reach 2.9%, while uncertainty over China, considered one of the major trading partners of the region-country, which will continue slowing to 6.4%.
While Central America will grow around 4.3% in 2016, South America recorded a contraction of 0.8% in its Gross Domestic Product (GDP), mainly explained by expected declines in Brazil (2.0%) and Venezuela (7.0%). Economic growth in Panama, will continue to rise as it did in the third quarter of 2015. The English-speaking Caribbean, meanwhile, will grow 1.6%.
It is important to notice that the agreements reached at the recent Conference of the Parties to the UN Framework Convention on Climate Change (COP21) held in Paris, will allow incentives for innovation and investment in new sources of renewable energy production, which brings huge potential for the region.