Panama’s economy grew 10.5 percent in 2012 and is projected to moderate to 8 percent in 2013. A steady flow of investment is ensured by top ratings awarded by the “big three” risk assessment agencies. Standard & Poor’s raised Panama from BBB3 to BBB2 with a “stable outlook”. Fitch Ratings affirmed Panama’s sovereign ratings at BBB and Moody’s gives a rating of BAA3.
Archive for Category ‘Business’
Panamanian commerce is based in one of the world’s few truly service-dominated economies. Industries such as banking, insurance, shipping and transport, "offshore" business and import/re-export account for between 75% and 80% of the GNP and the dynamic of the sector requires constant change. The number of companies registered in Panama –the majority of which deal with the aforementioned services– is approximately 350,000, a number exceeded only by those of Hong Kong, which has close to 400,000.… Read the rest
Panama has a relatively small labor pool (Government statistics for 1999 listed approximately 1.5 million persons as "employable.") and this tends to limit availability in upper-echelon positions. As a rule, Panamanians respond well to in-house training and the bilingual workforce (especially Spanish-English) is proportionately quite large.
Unionism is not as prevalent as in European countries and the United States and tends to be centered in the construction, government works and private manufacturing sectors.… Read the rest
Panama escaped the world economic crisis with relatively minor repercussions. Elements like port activity and Panama Canal cargo volume dropped in line with international business but the effects were light and the economy grew by nearly 7 percent in 2010.
Big investments, not to mention the $5.2 billion enlargement of the Canal, have been causing a snowball effect, reaching down into nearly every economic activity.… Read the rest