A recent article in the Latin Business Chronicle states that new data from the IMF is showing that Panama has the highest GDP growth rate in Latin America. Panama’s economy is expected to grow 7.7% this year, beating out Peru, which is currently growing at a rate of 7%. Both countries are beating larger Latin American countries such as Mexico and Brazil. Mexico has the second largest economy in Latin America, but with an annual growth rate of 2.0% is currently expanding its economy at the slowest pace in the region. Latin America’s GDP is projected to grow 4.4% this year, and is outpacing the United States and European Union, but is still lower than some developing regions of Asia, Africa and the Middle East.
While it may be good news for investors interested in Panama that the economy is growing faster than other Latin American countries, Panama’s economy has cooled off from the 11% growth it saw last year. Despite this possible setback, it is projected that Panama will continue to have one of the highest GDP growth rates in Latin America next year as well, with a current projected rate of 7.2%.
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