Panama's Ecomony Shrinks by .22%
(Panama-Guide) By Elizabeth Garrido A. and Marianela Palacios R. for La Prensa - The Panamanian economy registered a contraction of 0.22% between January and May 2009, according to the Monthly Index of Economic Activity (IMAE) published by the Comptroller General of the Republic. The new report caused concern among government authorities, because according to historical records of IMAE, last year saw a growth of 8.5% over the same period. This means Panama has entered into an "economic downturn," said Economy and Finance Minister, Alberto Vallarino. However he said still no one should call this a "recession."
