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Weekly Report - 06 August 2020 (WR-20-31)
PANAMA: Cortizo wrestles with virus-induced slump
Panama’s economy, consistently at the forefront of regional growth, will contract by 9% in 2020, President Laurentino Cortizo acknowledged to businessmen on 30 July. This is a major revision of the initial forecast by the economy & finance ministry which had predicted that GDP would decline by 2% this year as a result of the fallout from the coronavirus (Covid-19) pandemic. The downward revision owes not just to the deepening global impact of the virus but also to the surging number of cases in Panama, the worst-hit country in Central America, which aside from the public health challenge is hampering an economic recovery.
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