Panama could become the first advanced economy in Latin America in the coming years

Panama ranks first among the five countries in Latin America with the fastest growth and the highest income, according to the International Monetary Fund (IMF).

The World Economic Outlook report predicts that Panama's per capita GDP will surpass that of Chile in 2019. The IMF's technical staff estimates that Panama's potential growth is 5½%.

If the Panamanian economy grows to the potential level in the next five years, GDP per capita will reach $ 35,400; that is, it will be similar to that of Lithuania, the Slovak Republic, and Slovenia, all advanced economies. In other words, Panama could well become the first advanced economy in Latin America in the coming years.

A world-class performance

Worldwide, the growth trajectory of Panama stands out as one of the most outstanding. Panama is the 23rd fastest-growing economy in the world in the last 25 years: it is almost in the tenth highest percentile of the episodes of strong international growth.

In general, oil and gas producing economies such as Azerbaijan, Equatorial Guinea, and Turkmenistan, together with China, are the ones that predominate in episodes of vigorous growth.