The Canal Expansion will improve Panama’s Economy and Commercial Influence
Good news keep coming for the country’s economy and for those looking to make business in Panama. The Panama Government presented last week the official Budget for 2016, reflecting an increase of USD $534M and based on an economic growth of 6,3%. At the same time, a report presented by research and consulting firm Oxford Business Group (OBG) shows the Canal expansion will help Panama maintain its influence over international trade for another century.
This new project not only improves Panama’s competitiveness locally, but it also broadens the options for commercial initiatives globally. According to the Panama 2015 report and this new guide of investment, Panama’s economy has been constantly solvent, allowing a significant growth of the Gross Domestic Product (GDP) to an average of 7,8% per year during the last 6 years. With these numbers, undoubtedly Panama Business and Real Estate investment have a green light for prosperity.
This country still has some obstacles to overcome: the improvement of the public education system, public healthcare, housing and social programs especially in remote areas are a target for the upcoming years. However, the commitment from government programs to tackle these issues and make them a priority is clear.
The Panamanian Minister of Trade and Finance highlighted how government projects like the Canal expansion and the improvement of policies to ensure transparency will have a direct impact in the country’s development, while they will allow for higher and better foreign direct investment.
The Panama Canal, along with the existing favorable conditions for commerce is placing the country among the best options in Central America and South America. Panama housing projects keep growing according to city life demands, with luxury homes and apartments made for a comfortable lifestyle and accessible location to the main landmarks and business centers in Panama City.
If you are considering investment options, either to buy a property or start a business in Panama, this is definitely the right time to do it with low risk and attractive benefits.
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