Panama booming
05/09/2008
Despite the deteriorating global economic environment, Panama was one of the fastest growing economies in the world last year, according to the International Monetary Fund (IMF).
Panama's GDP grew by 11.2% in 2007, following average growth rate of nearly 8% in 2004-06, the IMF has reported following its latest Article IV assessment of the country's economy.
According to Fund, economic growth has been driven by Panama's large service sector including the canal, ports, and the Colon Free Zone, which has strongly benefited from expansion in regional and international trade.
The report also noted that Panama's well-developed financial centre has quickly responded to new opportunities and has attracted significant new investment.
