UPCG estimates that GDP growth in 2023 will be 7%

He Ministry of Economy and Finance (MPEG) estimates that the growth of the gross domestic product (GDP) in 2023 will be around a 7%whatever it is National Institute of Statistics and Census (INEC) the chief controller of the Republic, who gives the final rate.

According to the deputy minister of UPCG, Carlos González Mirandathe impact of protests and street closures in November was not as great as predicted on the economy, and December was a good month, with a quick recovery.

The performance of the Panamanian economy is still the strongest in the region, according to the predictions of international institutions such as Economic Commission for Latin America and the Caribbean (ECLAC) which predicts growth of 4.2% for Panama in 2024.

When referring to General state budget for the fiscal period 2024 for the amount of 30,690.4 million dollarsthe deputy minister emphasized that the reduction of 2064 dollars million compared to the original proposal of $32.754 million, is not estimated as a recession.

González explained that the smaller budget is a reflection of the change in perspective that happened before September and what happened later with the ruling on the unconstitutionality of Law 406 of 2023 by the Supreme Court of Justice regarding the contract between The State and Mining of Panama.

“Every budget that has been approved has been the largest in history, with the exception of a few years. And that is more related to the size of the economy being managed,” said the Vice-President of the Minister of Economy.