The president of the Chamber of Commerce, Industries and Agriculture of Panama (Cciap), José Ramón Icaza, indicated that this business union expects a growth of 6.4% for the year 2022 and a projection that is supported by the upward revision of its growth forecasts for the Gross Domestic Product (GDP) for the end of 2021.
He explained that, after the publication of the official estimates of the country’s economic growth, at the end of October 2021, by the National Institute of Statistics and Census (Inec), the Cciap raised its estimates for the end of 2021 to 13.8% and to 6.4% the projection for 2022.
However, Icaza clarified that these growth rates must be very well weighted, taking into account that due to the coronavirus pandemic (COVID-19), in 2020, Panama suffered a 17.9% drop in its GDP, one of the largest registered worldwide and that there are various economic sectors that have not yet recovered from this impact, including tourism, construction and the real estate market.
He added that, under these conditions, the country’s economy will only be able to return to the levels reached in 2019 until 2023.
For his part, the former president of the College of Economists of Panama, Olmedo Estrada, states that with the projections that there are the dynamics of the productive sectors is that they can lead to an economic growth of 6% and 8% in 2022, however, he affirms that there are some variables that would impact on this growth and related to the levels of infections with the Omicron variant of COVID-19.
Estrada stressed that the pillars of this economic growth will be sectors such as logistics, the financial sector, wholesale and retail trade and mining.
Finally, Icaza said that Panama, As a country, they have the strengths and capacities to take advantage of the opportunities that are presented regionally and globally by having significant potential and enjoying political, social, macroeconomic stability and a diversified economy.