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LatinNews Daily - 03 June 2021

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In brief: Panama’s economic activity continues to shrink

* Panama’s national statistics institute (Inec) has released figures which show that the country’s monthly indicator of economic activity (Imae) posted a 6.03% year-on-year contraction in March. Inec says that this reflects the continued effects of the coronavirus (Covid-19) pandemic. However, it cites as sectors which posted a good performance: exploitation of mines, fishing, private health services, and public administration. Panama’s GDP contracted by 17.9% in 2020. The International Monetary Fund (IMF) last month forecast that Panama’s economy will grow 12% in 2021 as “economic activities recover, boosted by the vaccination rollout and full-scale copper production, a recovery in private investment, and a large carryover effect”. Over the medium term, growth is expected to stabilise at its potential growth rate of 5%.