In a report published in February, the American Chamber of Commerce and Industry of Panama outlined ten reasons for growth in Panama in 2024. Here are a few of the driving factors for growth in Panama this year as described in the report:
- The Panama Canal expansion has started and will ultimately bring investment dollars into the country.
- Economic growth in Latin America will make Colon Free Zone an even more critical transfer point of goods between Asia and Central and South America.
- This increase in trade is fueling growth in the major ports on both sides of the canal, which have seen an higher rates of port related construction.
- The expansion of the ports will continue to provide opportunities for growth in the office and housing construction industries, which is also being helped out by the increase in North American baby boomers retirees relocating to Panama.
- The tourism and eco-tourism industries have grown rapidly, as many high end hotels in Panama City are often at 100% capacity.
- The telecommunications industry grew 17% in the last quarter of 2024, and has been building an infrastructure of state of the art fiber optic cable networks.
The report does outline a few negative points in the economy, including the fact that the rapid growth in 2024 and boom in the real estate and construction industry has put huge strain on Panama’s infrastructure. Yet these reasons for growth in Panama in 2024 remain compelling, despite the evidence of an economic slowdown in Panama’s GDP this year.
Visit the PanamCham website to read the entire list, or click here for a direct link to the .pdf file.
