Gap between rich and poor in Panama continues to grow

(newsroompanama.com) Panama’s economy continues to grow with the latest forecasts saying the economy will improve by as much as 7 percent in 2010, but the gap between rich and poor continues to grow.

Panama continues to struggle with the gap between its richest and poorest residents.
According to a 2008 World Bank survey of the of the standard of living in Panama the richest 20 percent of the population controls 48.5 percent of the wealth, while the poorest 20 percent had only 5.1 percent of the wealth in the country.

A study conducted in 2003 showed that the richest 20 percent controlled 47.3 percent of the wealth, while the poorest 20 percent owned 5.4 percent.

On average, the richest 20 percent spend 18 times more per year than the poorest.

In the report, the Ministry of Economy and Finance said that it is an issue that must be addressed as "the distribution of income still leaves much to be.

The survey which polled 5,000 people found that in 2008, 32.7 percent of the population was living in poverty, while 13.4 percent were living in extreme poverty.

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Original Source: newsroompanama.com
Date Retrieved: September 23, 2010