There Is Not Much of a Recession in Panama
The world is going through a major recession. In Panama, the rate of economic growth has slowed. The foreclosure rates in the United States are staggering. In Panama, the high end of the real estate market is in pause mode waiting for next year.
Panama is waiting to hear which of the three consortia will win the bid to build the locks for the “third lane” of the Panama Canal Expansion. The Panama Canal Expansion, considered the “most significant construction project in the world”, is going forward with completion scheduled for 2014.
Much of the international focus in the last few years has been on Panama as a great place to retire. It was and it still is. The rest of the international focus was on Panama as a tourist destination or a place to own a second home. It was, for both, and it still is, for both.
What Panama corporations knew is that Panama has had the highest per capita rate of foreign investment in Latin America. Panama is beautiful tropical country with what experts refer to as a first world infrastructure.
Foreigners new to Panama are amazed by the view of the Panama City skyline from across the bay at Amador, day or night. Not only has Panama City come to resemble Miami or Singapore, but given time, it will come to challenge them.
While the world is trying to pull itself out of the recession, Panama corporations are preparing for the next stage of development and progress.
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