Cepal expects the Panamanian economy to grow 5.6%

Cepal expects the Panamanian economy to grow 5.6%

For this year, an upturn in the construction sector is expected, driven by investment projects in public infrastructure.

By: La Estrella de Panama

The Economic Commission for Latin America and the Caribbean (ECLAC) reviewed its prospects for economic growth for Panama with an upward trend and ranks it among those that will grow most in the region. By 2019, the Panamanian economy is expected to grow by 5.6%, according to the Preliminary Overview of the Economies of Latin America and the Caribbean published by ECLAC. 

According to the analysis, an upturn in the construction sector is expected for this year, driven by the various investment projects in infrastructure, mainly public, including the construction of the fourth bridge over the Panama Canal, the expansion of the Panama-Panama highway. Arraiján, the extension of Line 2 of the subway to Tocumen and the start-up of the copper mine located in Colón, which, in full operation, is estimated, will be able to produce more than 320,000 tons of copper per year.

ECONOMIC PROJECTIONS 2019 FOR THE REGION

In the projections for 2019, downside risks prevail. For this year 2019, in addition to Panama (5.6%), the Dominican Republic (5.7%), Peru (3.6%), Colombia (3.3%), Guatemala (3.0%), Costa Rica (2.9%), Mexico are also expected to grow. (2.1%), and Honduras (3.6%), although to a lesser extent than the 2018 projections. Brazil will also grow (2.0%), Honduras (3.6%), Chile (3.3%) and Paraguay's will remain ( 4.2%) to mention a few countries in the region. On the contrary, the economy of Argentina (-1.8%), Nicaragua (-2.0%) and Venezuela (-10.0%) is expected to lose dynamism.

The balance, one of the most important annual reports of the ECLAC, analyzes in its 2018 edition the economic performance of the region during the year, the international context, the macroeconomic policies that the countries have implemented and delivery perspectives for 2019. According to In the analysis, during the first semester of 2018 there was a loss of dynamism in the Panamanian economy, which grew 3.7%, 2.1% less than in the same period of 2017, when it grew 5.8%.

For this period, the sectors that remained dynamic were: transportation, storage and communications (7.3%), due to a 10.3% increase in Panama Canal operations and an increase of 15.9% associated with passenger traffic; the fishing sector (15.2%), thanks to a significant increase in shrimp exports and trade (3.9%), mainly due to an increase in wholesale trade (5.1%); and the activities of the Colon Free Zone (4.9%).

On the contrary, the construction sector grew only 2.0% (8.2% in the same period of the previous year) due to the general strike of workers in the second quarter. As a result of the above, the growth of the mining and quarrying sector was also significantly reduced (2.0% compared to 8.1% in the first half of the previous year).

As in the previous year, the inter-annual variation of the CPI to October 2018 remained low and stood at 0.8%. The sectors with the highest price increases were education (3.7%) and alcoholic beverages and tobacco (1.3%).

For their part, the sectors that registered a fall were clothing and footwear (-0.9%), communications (-0.8%) and food and non-alcoholic beverages (-0.9%). Finally, the national unemployment rate to March 2018 was 5.8% compared to 5.6% on the same date of the previous year, while the open unemployment rate remained at 4.6%.

According to ECLAC, the countries of Latin America and the Caribbean face a complex global economic scenario in the coming years, in which a reduction in the dynamics of growth is expected, both in developed countries and emerging economies, accompanied by an increase in the volatility of the international financial markets. Added to this is the structural weakening of international trade, aggravated by trade tensions between the United States and China. It is expected that both developed and emerging countries will lose dynamism.

Culture and talent in World Music Panama

Culture and talent in World Music Panama 

On February 21, the concert season organized by Oscar Producciones begins. The events will be held in the Athenaeum, City of Knowledge.

"Music is something so pure that no matter what your mood or your way of thinking, it transports you to an oasis, a place where you can feel safe, protected by a divinity," says Hernán Romero, virtuoso international guitarist , composer and producer. The benefits of music do not only apply to the emotional state; is considered among the elements that cause more pleasure in life. It releases dopamine, a hormone linked to happiness. 

Aware of the advantages of listening to good melody, the musical promoter Oscar Producciones presents World Music Panamá, 2019, a series of concerts that aims to raise awareness of renowned musical exponents, who from their cultural roots, work and artistic talent, they contribute to the development and evolution of music. Dúo Finlandia, a fusion of South American rhythms and sounds, folk and electronic music, is in charge of raising the curtain on the musical cycle on February 21. 

The Argentines Mauricio Candussi and Raphael Evangelista also flirt with jazz, playing the accordion, the cello and the keyboard, without forgetting the traditional tangos. DuOud, formed by Smadj and Mehdi Haddab, is the second group that will take the stage. The particularity of this duo is to combat the tradition of the laud, an Arabic instrument that has existed for centuries in the Middle East and in the countries of North Africa, with a very modern electronic treatment. 

Lito Vitale and Juan C. Baglietto will delight the Panamanian public in the third concert of the World Music Panama series. Both musicians are linked to Argentine popular music. They began their stories associated with the Argentine rock movement of the early 70s. They recorded together and were crowned with the album Postales de este lado del mundo.

Lito Vitale is a talented pianist, composer and musical director, while Juan C. Baglietto is a renowned Argentine musician and singer. He devoted himself in the field of rock thanks to his classic album of 1982, Difficult Times.

Making Movies is a group made up of two Panamanian brothers Enrique and Diego Chi, who grew up in Kansas City and brothers Juan Carlos and Andrés Chaurand from Mexico. They fuse rock with Latin genres such as cumbia, psychedelia, Cuban and the spoken word. The musical group is in charge of the fourth concert.

Adrián Iaies, Argentine pianist and composer nominated for the Latin Grammy Awards on three occasions, joins Diana Arias and Facundo Guevara in Adrian Iaies & Colegiales Trío to showcase Argentine popular music without limits in the musical evening.

Abate Berihum, saxophonist, vocalist and composer of Ethiopian-Israeli jazz, will be present at the penultimate concert organized by Oscar Producciones. The prolific artist is one of the most outstanding Ethiopian musicians in Israel.

World Music Panama 2019 will culminate with the presentation of Slixs Sexteto Vocal, a group that revolutionizes the acoustic customs of the a cappella genre.

By La Estrella de Panama. Lito Vitale y Juan C. Baclietto

Panama's economy will grow 6% in 2019, Varela

Panama's economy will grow 6% in 2019, Varela

According to the head of the Ministry of Economy and Finance, Eyda Varela de Chinchilla, Panama grew 4% in 2018. A figure that could be exceeded this year

By Panama America

This year, the Panamanian economy is set to grow by approximately 6%, according to the head of the Ministry of Economy and Finance, Eyda Varela de Chinchilla, during an exhibition at a forum organized by Capital FinanPanama's economy will grow 6% in 2019, Varelaciero, where she analyzed the behavior of 2018 and its projection for 2019.

According to Varela de Chinchilla, depending on international organizations, such as the International Monetary Fund, the World Bank and the Economic Commission for Latin America and the Caribbean, Panama would grow in a range of 6.3%, 6% and 5.6%, respectively.

During 2018, the world in general grew 3%; while Panama was limited by 4.1%. 'This year (2019) only China is the country that grows above Panama, but when compared with the United States and the rest of the world, we will double, and compared to Latin America, we will grow about three times more,' he said. the representative of the MEF.

Varela de Chinchilla said that this growth will be based on copper production in Donoso, province of Colon, which would begin this year, without detailing the month; the expansion of the Tocumen International Airport, which will add twenty doors to its inventory; the impact of the World Youth Day, the beginning of the construction of the fourth bridge over the Canal, the third line of the Metro, the extension of the lanes to the interior of the country, the banana production in Barú by Banapiña, a subsidiary of Del Monte, which in 2018 began sowing the first 650 hectares.

For his part, economist Alan Corbett estimates that GDP growth should be between 6% and 7% for a small economy like the local one, with peaks no greater than 9%, at best, and no less than 5%. %, in the worst of scenarios.

The previous thing, says the economist, allows that the private company and the investment sustain of constant form the growth of the use, with a relatively controlled inflation of 3% to 4%. "Everything that is above or below those ranges generates imbalance," he said.

Corbett exemplified that as there are no savings and there is a lot of inflation, it is possible to decelerate growth a little to reduce inflation.

Lonely Planet selects Panama as one of the best 10 countries to visit in 2019

Lonely Planet selects Panama as one of the best 10 countries to visit in 2019

Adventurers who are planning their next trip need look no further than Panama which has just been voted among the 10 best countries to visit in 2019, according to the new edition of the Lonely Planet travel guide on the ten countries that are beginning to awaken the imagination of travelers.

velers. In its ranking, “Best in Travel 2019: the 10 best countries”, Lonely Planet chooses Panama as the fourth best country to visit and shows a brief review of its benefits with a photograph of colorful coral reefs in Bocas del Toro and its exact location on a map of the region.

The first on the list is Sri Lanka, followed by Germany, Zimbabwe, Panama, Kyrgyzstan, Jordan, Indonesia, Belarus, Sao Tome and Principe and Belize The guide points out that for such a small country Panama has much variety to offer, including white sand beaches, tropical forests, misty highlands and indigenous cultures so that “It’s surprising that somehow it’s still under the radar.”

In addition, it indicates that in 2019 Panama City is committed to celebrate “as never before” its 500th anniversary with a “strident” jubilee that you do not want to miss. “Viva Panama !”

In addition to the ranking of the best countries to visit, each year Lonely Planet also selects the ten best cities, regions and qualityprice destinations.

Lonely Planet started as a travel guide for trips around the world. Today it is one of the largest publishers of travel guides with nearly 600 titles published and 120 million books printed in 11 languages. It also has a television studio, website and two mobile applications.

Panama was also chosen by the National Geographic magazine as an ideal place to visit during the spring of 2018. European tourists are starting to discover this small country. Direct flights from the Tocumen International Airport to Europe have given the the Isthmus more visibility.

By: The Visitor

Panama, on the lookout for global growth

Panama, on the lookout for global growth

If the world economy grows 3.1 percent this year, probably Panama will have better trade with other countries.

The growth of 3.1% of the world economy, a more robust percentage than in 2017, should benefit the Panamanian economy as a service country; however, if it weakens, so will the results for the country.

Earlier this year, the World Bank predicted that the world economy would grow 3.1%, however, organizations such as the Organization for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF) have warned that the global economy could have weakened more than expected due to trade tensions between China and the United States.

Last month, the IMF lowered its global growth forecast for 2018 and 2019 to 3.7%, against the 3.9% calculated earlier. Meanwhile, the global economic outlook that the OECD draws is not very encouraging. The OECD predicts that next year the global economy will begin a slowdown as a result of the commercial tensions, basically, due to the tariff dispute between the United States and China, the stricter financial conditions and the impact of oil prices.

Increase

3.8 percent will grow Panama this year, according to the forecasts of Indesa.

3.1% Panama's economy grew in the first six months of this year.

The protagonists of this trade war, China and the United States, do not escape from reality. AChina is estimated to have GDP growth of 6.6% in 2018 and 6.3% in 2019, one tenth less than what was estimated in the previous report of the OECD.

In the American case, it will be 2.9% this year and 2.7% next year. Both fall in 2020 to 6% and 2.1%, respectively.

The president of the National Council of Private Enterprise (Conep) of Panama, Severo Sousa, emphasizes that to the extent that world markets have better economic climate, it is more likely that Panama has a better trade with them for being a country globalized and that exports mainly services. Olmedo Estrada, president of the Association of Economists of Panama, agrees with these proposals, saying that while the economies are beginning to recover globally, this is a good sign for countries like Panama, which depend on the economies to improve their condition.

He explains that when economies are growing very low, they do not have the resources to buy goods and services from other countries. So if the economies of Central and South America begin to grow, it means that they are in a healthy condition and have the resources to buy goods and services from other countries.

If the growth of 3.1% is achieved worldwide, a positive message is sent to the world and to those countries that make strategic commercial alliances to increase economic activities.

Perspectives

Although this year the Panamanian economy has shown signs of weakening and could grow below 4%, the outlook for 2019 is still above 5%, even close to 6%, explained the economist.

Estrada indicates that this is due to the fact that this year, due to the strike of the workers of the National Union of Construction Workers (Suntracs), they stopped producing close to 900 million dollars and its impact on the economy has left negative numbers this year. Reason why the estimated 5% will not be reached.

For the other year, it is unknown what situations or phenomena may appear, but it is expected that investments in mining, the development of ports, the Panama Canal, the financial center and logistics that are marking very positive dynamics will help in 2019 you have a strong and robust economy and with the prospect of growing more.

By: Panama America

Panama, one of the Best Places in the World to Retire

Panama, one of the Best Places in the World to Retire

According to the 2018 Annual Global Retirement Index, of the ten best places to live in the world, seven are in Latin America and among them is Panama, a place where you can live a healthier and happier life, spending little and obtaining many benefits in your favor.,

By The Visitor

Panama is a modern and practical country, situated close to the United States. Panama City is a destination which offers”exciting meals, jazz, movies, golf, tennis and much more”. It continues to grow daily and is becoming more attractive for tourists. Its people are friendly and welcoming, which gives a special touch to this small, but great country.

The lush mountain villages in the highlands of Chiriqui are among the best retirement destinations in the world. Expats in Panama have explained that they are much happier and healthier since they made the move. 

In the interior of the country, things become much better in terms of costs. It is possible to live on a budget of about $1500 per month, or even less. Regarding the payment of basic services; garbage collection is between $10 and $25 per month; mobile phone services and internet between $30 and $ 45 per month, aspects that make this country much more attractive. Another positive point for Panama is that retired foreigners do not pay any income tax on their earnings in their country of origin. 

This list of positive things that the country offers is what has made it attractive for foreigners looking for a place to retire. Some aspects which are eye-catching and rouse interest in residing in Panama are: the basic economic services provided, access to health and high tech. and adequate salaries, among many others.

Chamber of Commerce expects economic growth to be above 5 percent this year

Chamber of Commerce expects economic growth to be above 5 percent this year

For businessmen, it is important to ensure the conditions that allow the growth of the economy to more than 5% this year.

The Chamber of Commerce, Industries and Agriculture of Panama asked not to lose more time in complaints and lamentations about what has stopped being done in the country and move to concrete actions, which bring with them the changes that demand the needs and realities of the national environment .

By Panama America

For businessmen, it is important to ensure the conditions that allow the growth of the economy to more than 5% this year. "Panama must move towards structural and organic modernization that demands the dimension and importance that currently scales on the international scene," they point out.

In the opinion of the Chamber of Commerce, this depends on the future vision of those who aspire to conduct national affairs and their capacity as statesmen to take, from promises to practice, their electoral offers.

Employers are committed to work, while monitoring the transparency and accountability of the next government.

Juliette Passer, Esq. is Recognized as an NACD Board Leadership Fellow

Juliette Passer, Esq. is Recognized as an NACD Board Leadership Fellow

NACD Fellows Demonstrate Their Commitment to the Highest Level of Leadership in the Boardroom

New York, New York, December 20, 2018 – International Project Development Group today announced that the National Association of Corporate Directors (NACD) recently recognized Juliette Passer, CEO and General Counsel, as an NACD Board Leadership Fellow. NACD Fellows, who earn NACD Fellowship—The Gold Standard Director Credential^®— stand within the highest echelon of those committed to excellence in the boardroom.  

As the highest standard of credentialing for directors and governance professionals, NACD Fellowship is a comprehensive and continuous program of study that empowers Fellows with the latest insights, intelligence, and leading boardroom practices—year after year.

“I am honored to join the distinguished and diverse group of individuals who make up the NACD Fellow community and who are committed to advancing the highest standards of boardroom excellence,” said Juliette Passer. “The resources, insights, and connections I’ve made through NACD Fellowship will be key assets to the companies I serve, as well as to my professional growth as a director.”

Juliette Passer is an accomplished senior executive steeped in International, and the ability to help companies accelerate their penetration and growth in the United States and abroad. She has performed successfully in that role for over twenty-five years, also serving as counsel to the legal implications and nuances of these expansions. Juliette has extensive experience on numerous private and non-profit Boards and brings a unique business and legal understanding of international business transactions and business and political environments in architecting cross-border investments. She is particularly adept knowledgeable in markets, including the former USSR, Eastern and Western Europe, China, Turkey, and Panama.

“We are proud to announce that Juliette Passer has joined NACD’s credentialed directors and has taken the next step in the pursuit of boardroom excellence,” said Peter Gleason, CEO of NACD. “Our fellows help advance the highest standards for those who serve in the boardroom, strengthening our businesses, and driving director professionalism. The impact of this program is unmatched, and they should be commended for their ongoing commitment to their own professional development.”

Representing hundreds of today’s largest and most-diverse corporations in the world, NACD Fellows serve on boards of NASDAQ OMX- and NYSE-listed companies such as Baker Hughes Inc., Citigroup Inc., DuPont, Foot Locker Inc., IBM, Lockheed Martin Corp., Microsoft Corp., Nordstrom Inc., Pinnacle Entertainment, SpartanNash Co., UnitedHealth Group Inc., and more.

NACD Fellows provide a snapshot of the caliber of directors engaged in continuous learning with NACD—the recognized authority on leading boardroom practices that more than 17,000 directors rely on to lead with confidence.

To learn more about NACD Fellowship, visit NACDonline.org/Fellowship.