What's the current state of the economy

What's the current state of the economy in Panama City?

Legale e Finanziario 2g fa 8 answers • Dmitri Orlov

I've been hearing people say the economy is bad, but I think it's 'normal' because people are comparing it to the good times during Martinelli's presidency. I mean, 2009 was a couple of years of economic abundance, and the global economy was coming out of a recession. Now, people want to spend like we're still in those times, which makes them think things are 'bad'. I'm not saying it's perfect, but the purchasing power, excluding real estate, has increased compared to 20-30 years ago. Panama hasn't had a strong economic recession like other countries.

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5 Answers · 3 replies

omar95 • 2g fa

You'll sound harsh, but there are levels. If you're prepared and know how to manage, you'll do well in Panama, but there's a sector that wants to earn more than an architect, doctor, or accountant without being prepared, and that's why they say the economy is bad. Your economy is bad, not the others.

Dmitri Orlov OP • 2g fa

That's very true. If you're not prepared and want to earn as much as someone who is, you'll have to take those physically demanding jobs that wear you out, but if you want something easy without preparation, you'll earn little.

omar95 • 2g fa

It's always the construction workers, vendors, taxi drivers, when you talk to entrepreneurs, they know better how to measure the economy's state, and if you see a business owner, they might not complain but say there were better times. These people say their lives are bad, but they have enough, obviously, when the coastal highway was built, there were more plazas, but you know that's not always the case.

Maria G • 2g fa

Inflation rates are currently higher than usual, and despite this, income growth has not kept pace, leading to financial strain for many individuals.

David K • 2g fa

It's not a catastrophic situation, but the economy is bad for what this country should be. Panama is experiencing less liquidity on the streets due to public spending cuts to cover the deficit (just and necessary, as the country is getting dangerously indebted). Gasoline is very expensive. Unemployment is high, and many people don't produce. This prevents those who are employed from negotiating or finding better job opportunities. Wealth is concentrated more, and the economy stagnates.

Ingrid Hoffmann • 2g fa

Yes, but let's understand something. Martinelli didn't create the bonanza. The discipline of Martin's government allowed the narizon to start with a positive balance sheet. On top of that, the world was looking for places to invest, and Panama was an excellent option. Anyone can sail well when there's a breeze, without storms or reefs. The only thing I give Martinelli credit for is that he wanted to build the metro, and he did. In Bogota, they're still digging for their first metro line.

Dmitri Orlov OP • 2g fa

Yes, we left Martin's era without debts, but not all debt is bad, since the metro debt came out, but they took their share, that's true. Martinelli was just lucky, and he became popular because of that. It's good that Martin didn't take on debts.

harrietrowntree • 2g fa

Starting with the title, correct me...

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