Business leaders and economists warn that economic growth projections for Panama will only be achieved by restoring investor confidence; therefore, the main objective of the authorities must be to guarantee the security of their funds.
The president of the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), Juan Arias Strunz, maintains that although the Panamanian market has the necessary components to attract foreign investment (special laws, democracy, dollarization, among others), what companies will evaluate is its level of credibility. This is a challenge that must be addressed with redoubled efforts to boost employability and economic growth.
He noted that the discussion and agreements reached at the minimum wage negotiating table are a good start for inviting international companies to invest in Panama because they demonstrate that both sectors (workers and employers) can reach consensus, prioritizing the common good over personal interests.
He indicated that although maintaining an investment-grade rating from risk agencies is important for the economy, the example of countries like Costa Rica should be taken into account, which, despite not having this rating, attracts millions of dollars a year in foreign investment.
Labor consultant René Quevedo agreed with the businessman that the current unemployment figures can be corrected by attracting foreign investment in a clear and secure manner. Unemployment figures provided by the National Institute of Statistics and Census (INEC) place it at 9.5%, and it is expected to reach double digits in the coming months, one of the highest rates in 20 years.
«Our labor crisis is not about jobs, it’s about confidence; we need to convey the confidence that investing in Panama is good business, and that requires clear rules, stability, and consistency,» he said.
He reiterated that the level of confidence offered to the world will determine the growth of key sectors for the economy such as tourism, where there are significant advantages compared to the rest of the region. These advantages must be fully taken advantage of by implementing attractive plans so that the more than 19 million passengers who pass through Tocumen International Airport stay in the country, generating income for large and small businesses.
«Panama needs to show the world everything we have and can do; that way we will create a lot of jobs,» he said.
The Economic Commission for Latin America and the Caribbean (ECLAC) estimates that Panama's Gross Domestic Product (GDP) will increase by 3.8% next year, while locally, a 4% boom is expected, based on the results of investment projects to be implemented in the first few months. Authorities estimate that the country's economic growth in 2026 will be 4%.
