Analysis by Region - Emerging Markets - Panama
We raised our 2025 GDP growth forecast for Panama by 0.2ppts to 3.2%. This upgrade accounts for the key infrastructure projects set to boost fixed investment both this year and next, which will make domestic demand the primary engine of short-term growth. Additionally, we anticipate a recovery in private consumption, which we forecast will grow by 5.5% in 2025. This follows a period of stagnation in 2024 caused by the spillover effects from the Minera Panamá closure, rising unemployment, and a negative shift in the credit rating outlook. Consequently, we estimate 2024 GDP growth at a subdued 2.4%, its lowest level in 15 years excluding 2020.
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