Panama: 2024 Article IV Consultation-Press Release; and Staff Report

Panama: 2024 Article IV Consultation-Press Release; and Staff Report
READ MORE...
Volume/Issue: Volume 2024 Issue 188
Publication date: June 2024
ISBN: 9798400279867
$20.00
Add to Cart by clicking price of the language and format you'd like to purchase
Available Languages and Formats
English
Prices in red indicate formats that are not yet available but are forthcoming.
Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Finance , Economics- Macroeconomics , Public Finance , deficit target , CFZ import , staff appraisal , IMF staff calculation , Superintendencia de Bancos de Panama , unit of account , Inter-American Development Bank , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Public sector , Central America , Caribbean , Global

Summary

GDP growth in 2023 was strong (7.3 percent), exceeding expectations for the third year in a row since the downturn in 2020. Unemployment is near pre-crisis levels while inflation has moderated. Government bond spreads increased in the second half of 2023 as markets became concerned that failure to meet the fiscal targets would lead to a loss of investment grade status. However, the overall fiscal deficit dropped from 4.0 percent of GDP in 2022 to 3.0 percent in 2023, and the Social and Fiscal Responsibility Law (SFRL) target was met. Following a Supreme Court ruling that the new contract with copper mine Minera was unconstitutional, the government ordered the closing of the mine. Banks are, on average, well capitalized and liquid, and stay broadly resilient in an adverse scenario.