Panama maintains its growth forecast at 5% for 2023, Mining could contribute 1% to GDP

Hector Alexander, who was at the closing ceremony of the IDB Board of Governors held in Panama, added that the country generally grows more than the region

The Minister of Economy and Finance of Panama, Héctor Alexander, affirmed that he maintains the growth forecast for Panama at 5% for 2023, despite the fact that the Inter-American Development Bank (IDB) foresees lower growth for the region.

Alexander, who was at the closing ceremony of the IDB Board of Governors held in Panama, added that the country generally grows more than the region.

He also pointed out that the recent agreement signed with the company Minera Panamá, a subsidiary of the Canadian company Firts Quantum, would be contributing 1% to economic growth.

“This year we grew 10.8% this year we are going to grow at least 5%. Only the arrangement that we have with Minera, once perfected, that agreement can represent 1% of GDP growth,” said the minister.

He assured that he was confident that they have not overestimated the projections and that this year it will reach 5% taking into account the situation as it is occurring.

"I believe that the country has been recovering well, at the level of growth it will continue to lead the region and the great challenge for us in the future is the sustainability of growth"

The macroeconomic report presented by the chief economist of the IDB, Erci Parrado, foresees a growth of 1% for the set of Latin American economies in 2023, this in a context of high rates and inflation, without contagion or extension of the situation United States bank.

Likewise, Parrado said that Panama is one of the most dynamic in the region and that the greater growth expected from China favors it, both due to the issue of copper exploitation and the international trade that is generated and that passes through the Panama Canal.

Please read the original post from SNIP Noticias de Panama