• Costa Rica Coffee Guide

Panama not panicking amid economic trouble

June 26, 2009

PANAMA CITY, Panama – After Several years of explosive economic growth, Panama is starting to show signs of wear from the world economic crisis.

The economy, which was growing at near double-digit rates a year ago, registered a more modest 2.5 percent growth rate for the first quarter of 2009, according to government figures released last week.

Leaders of the real-estate development sector, which has powered the country´s economic expansion for the past five years by producing more than $1 billion in new construction annually, now predict as many as 60,000 workers could be out of a job by the end of the year.

But Panama isn´t panicking. In fact, thanks to its solid banking system, geographical position and perhaps a dose of good luck, Panama expects to ride out the crisis better than its neighbors and come out the back end of the storm stronger than it went in.

See the June 26 print or PDF edition of The Nica Times, a publication sold with The Tico Times, for more on this story

You may be interested

USA books Costa Rica friendly with eye to World Cup rhythm
Costa Rica
6 views
Costa Rica
6 views

USA books Costa Rica friendly with eye to World Cup rhythm

AFP - May 5, 2021

The United States men will face Costa Rica in a June 9 friendly, the US Soccer Federation said Wednesday, booking…

PSA: Airlines end flexible travel waivers
Business
8 views
Business
8 views

PSA: Airlines end flexible travel waivers

The Tico Times - May 5, 2021

Many U.S. airlines have ended flexible travel waivers that allowed travelers to change or cancel flights at no cost during…

Costa Rica improves access to emergency contraceptives
Costa Rica
10 views
Costa Rica
10 views

Costa Rica improves access to emergency contraceptives

Alejandro Zúñiga - May 5, 2021

Costa Rica's public-health system has made emergency contraception available to "any woman who has had a sexual relationship with the…