Welcome to the Panama Weekly News Roundup! Here’s the latest.
The Key to Panama’s Success: Free Enterprise
Panama may have made lots of global financial news from the release of the Panama Papers earlier this year. However, Panama’s financial success appears to be doing just fine on its own. Here’s how.
The real story of Panama in the 21st century is a story of a rapidly developing economy that has nothing to do with offshore anything. For more than a decade, Panama’s GDP has averaged annual growth nearing 8%, with a few double-digit years. Even at the depth of the financial crisis in 2009, it booked a respectable 4% GDP growth, while nearly everyone else in the hemisphere booked red ink.
Foreign direct investment last year rose 17% from the record set in 2014, which was more than 9% above the record set in 2013. In 2000, per-capita GDP was similar to that in neighboring Costa Rica and Colombia, though well behind the two big Latin American emerging markets, Brazil and Mexico. As of the end of 2015, Panama’s per-capita GDP was 24% higher than Mexico’s, 39% higher than Brazil’s, 41% higher than Costa Rica’s, and 57% higher than Colombia’s.
Source: Barrons
A New Trade Route for Natural Gas Opens in Panama
As the demand, and market production of natural gas grows across the hemisphere, new opportunities for exports are arising, thanks to the Panama Canal.
For natural gas suppliers, the expansion comes at a pivotal moment. It coincides with a big increase in U.S. shale production and the construction of several Gulf Coast export terminals designed to help American gas muscle its way onto the world market. The canal’s deeper channels can accommodate the kind of football-field-size tankers that transport liquefied natural gas (LNG), shaving 11 days and one-third the cost of the typical round trip to Asia. In July the U.S. Department of Energy predicted 550 tankers could be crossing each year by 2021.
Source: Bloomberg Markets
In Pictures: The Best Mountain Towns in Panama
Panama is a land of natural diversity, and some of the best examples of these are Panama’s high altitude mountain towns. There are lots of great mountain towns all over Panama; each has its own unique style of living and culture. Check out these great summaries and photos, from International Living.
Since the country’s founding, Panamanians have been escaping the city crowds and the sweltering lowlands to relax in the scenic highlands. The mountain towns of Panama have a lot in common: cool temperatures, frequent cloud cover, light rainfall, lush vegetation, abundant wildlife and birds, refreshing streams, scenic hiking trails, and a variety of outdoor activities to enjoy the natural environment.
If that sounds good to you, here’s where you’ll find Panama’s best mountain towns.
Source: International Living
4 Reasons Why You Should Move to or Retire in Panama NOW
There are so many reasons why you’re probably considering moving or retiring to Panama. However, like many people, you may be waiting, or keeping it as just a goal for the future. We’re here to tell you, that if you’re considering making the move, there is no better time than now. Here is a sample of four great reasons, listed in our latest blog post.
1. Ample Panama investment opportunities
Regardless of the sector, Panama is ripe with a diverse array of investment opportunities. The consumer market is strong, as are services, banking, and real estate. Panama has a growing economy, and an unprecedented stability due to factors like the US dollar, Panama Canal, and booming tourism. Panama has overcome the bad reputation from the Mossack Fonseca scandal, and continues to attract major, legitimate investors from all over the world.
Continue reading about 4 reasons to move or retire in Panama
