Finance Ministry anticipates WYD profits
The Ministry of Economy and Finance (MEF) anticipates multimillion dollar profits for Panama from World Youth Day (WYD) taking place from January 22nd to January 27th 2019.
One reason for the the prospected profits is that Pope Francisco will attend the ceremony, arriving in the country on Wednesday 23rd. The MEF explained in a statement on Thursday that the "WYD could have a direct impact of 388 million with an indirect impact of up to 700 million dollars".
These figures "represent 1.5 points of the GDP (Gross Domestic Product) estimated for 2019," the agency added. Another interesting statement from the MEF was that the event will have one of the "greatest economic impacts that Panama has experienced."
Aside from the economic impact the Panamanian government is optimistic that the event will also offer the country global exposure this year. With hundreds of events planned throughout the country, this week will begin a time of celebration in Panama. Expect singing, dancing, bands, and hundreds of thousands of pilgrims, anticipating the arrival of Pope Francisco.