Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama ranks high in social progress in Latin America.
In a recent published study called the Index of Social Progress 2015, Panama ranked higher than usual in the category of social progress, specifically in Latin America. The study, made by an NGO called the Social Progress Imperative also highlights the necessities Panama still has, and points to both economic, health, and government transparency as benchmarks to grade each nation.
The results for Latin America allow to identify three groups of countries. Countries with social progress scores 70 points or more, which have smaller gaps in welfare (Uruguay, Chile, Costa Rica, Argentina, Panama, Brazil). Countries such as Colombia, Ecuador, Mexico, Peru and Paraguay, who are in an intermediate situation, with higher scores of 65 points in social progress. And countries with large gaps in well-being, as El Salvador, Venezuela, Bolivia, Dominican Republic, Nicaragua, Guatemala or Honduras, have scores of just over 60 social progress.
Source: GoGetIt Panama
Panama Council Approves New Canal Tolls
With the massive expansion, and expense of the Panama Canal, it’s no surprise that higher tolls were to follow. This has been anticipated for quite some time, and now, Panama Canal officials are putting the wheels in motion to raise the tariff to cross the major waterway.
The accepted proposal—which modifies the pricing structure for most Canal segments—will better facilitate the Canal’s goal of providing outstanding service and reliability to the global shipping and maritime community while allowing the ACP to safeguard the competitiveness of the waterway. Today’s passage follows more than a year of informal consultations with representatives from various industry segments, an open call for comments, and a public hearing to solicit industry feedback on these changes.
“After working in close cooperation with our partners in the maritime industry, I am pleased we will be able to provide a more bespoke pricing solution for our customers; one that recognizes their various needs and requests, while still appreciating the value and reliability provided by the route,” said Panama Canal Administrator/CEO Jorge L. Quijano.
Source: MarineLink.com
Panama: Achieving Prosperity and Equity at the Crossroads of the World.
Panama has been getting a lot of recent attention for its economic growth, but many people are still curious as to where the country’s prosperity comes from, and whether or not it will last. In a recent interview with the Vice President of Panama, Forbes magazine takes a look at Panama’s recent success, and what has lead to its shaping.
Panama is on a roll these days. The Latin American economic powerhouse recently concluded a historic gathering of heads of state from across the hemisphere including U.S. President Barack Obama and Cuban President Raul Castro—and recently marked the 100-year anniversary of the Panama Canal, an engineering marvel that created a literal and symbolic link between north and south, east and west.
Panama’s new President, Juan Carlos Varela Rodriguez, is committed to completing a long-planned expansion of the Canal, while stoking the fastest growing economy in Latin America and developing his country by increasing education and economic opportunity. Panama’s Vice President and Foreign Minister Isabel de Saint Malo de Alvarado spoke to Forbes about The Summit of the Americas and what’s next for her fast-moving country.
Source: Forbes
Why Panama’s Real Estate Market Continues to Grow Sustainably
Real Estate is a huge part of Panama’s economic growth, and it seems to be surging in nearly every sector. It also seems to be far from slowing down, as more new projects are on the table for the next 3 years, which may even grow in the following years after. For more on what’s driving this growth, check out one of our recent blog posts.
Panama’s Real Estate growth areas are very diverse. Hotels, luxury condos, and office towers are the most apparent, but Panama is also surging in mall/retail construction and affordable suburban low-rise developments as well. Construction has grown so fast, that many critics believe Panama is overbuilding, and won’t be able to match the supply with demand.
And while some statistics on current occupancies in new office and residential buildings suggests that demand isn’t growing as fast as supply, current trends suggest otherwise. It’s not necessarily that the country currently has the ability to meet the high volume of construction, but more that developers are expecting continued growth, and are building accordingly.
Read more about Panama’s real estate market growth
