MEF Predicts 7% Economic Growth in Panama for 2010

(Panama-Guide) The Panamanian government estimates economic growth in the country will be 7% for 2010, well above the 5% that was estimated earlier this year, said the Minister of Economy and Finance (MEF), Alberto Vallarino. According to Vallarino, Panama will see the end of 2010 with a growth rate of around 7% which will put revenue above the budgeted estimates of the Government Strategic Plan. The minister said Panama has "very solid and strong macroeconomic performance" and said this country is regarded as one of the most stable economies in the region. Vallarino also highlighted the good performance of tax revenues, combined with the proper handling of the deficit which remains at low levels, without specifying numbers. According to data from the Comptroller General's Office Panama's economy grew by 3% in 2009 and this year the level of competitiveness has increased, according to the World Economic Forum. Vallarino added that the growth of the Panamanian economy will be impacted by the project to expand the Panama Canal, which will continue through 2014.

**********

Original Source: Panama-Guide
Date Retrieved: October 18, 2010.