Panama's Carnival Economic Impact Projected at $35 Million

The City's Carnival is projected to have an economic impact close to $35 million, surpassing last year's $30 million, reflecting how organized and enhanced traditions become a real platform for economic growth. "Turning carnivals into a true country brand requires public-private coordination, clear rules, international promotion, and, above all, a long-term vision that allows them to be consolidated as a strategic asset for Panama," was specified. They also promote local consumption and allow many communities, especially in the interior of the country, to receive a boost that in some cases represents one of the most important moments of the year in terms of income. "Betting on our own, with organization and vision, is also betting on economic growth and an identity that projects us internationally," was commented. It is not about commercializing culture, but about managing it with a strategic vision so that the tradition is preserved and, at the same time, becomes a real opportunity for growth for communities and the country. De Sanctis adds that from an economic perspective, the challenge is clear: to transform that identity into sustainable development. "The question we must ask ourselves is how we better organize this potential, how we professionalize its planning, strengthen security, guarantee environmental sustainability, and integrate communities into a model that distributes the benefits more broadly and equitably," stated the executive. In economic terms, carnivals are a multiplier, she emphasized. In this sense, De Sanctis stressed that Panamanians have vibrant traditions, creative talent, a strategic location, and a logistics platform that facilitates the arrival of tourists. The president of the Panamanian Association of Business Executives, Giulia De Sanctis, stated this Sunday that Panama has the potential to take its carnivals to another level, as countries like Brazil or iconic cities like Venice have done, transforming their celebrations into true country brands capable of attracting visitors from all over the world and generating sustained value. Regarding hotel occupancy, it is projected that in iconic destinations like Las Tablas, Chitré, and Penonomé, occupancy will be between 90% and 100%. In the capital city, hotels could reach between 60% and 80%, with effective bookings already around 50%. Additionally, she emphasized that this year, the economic impact nationwide is estimated at over $300 million.