There is little expectation of employment and savings among Panamanians

Despite the recovery of the Panamanian Consumer Confidence Index (ICCP), whose measurement for the month of March 2023 recorded 94 points, with an increase of 8 points, Panamanians still consider their desire to save in the market as impossible or unlikely. 12 months.

Expectations about the likelihood of saving money remain at the level of distrust, recording a result of 78 points, although with an increase of 13 points, compared to the measurement from January 2023, which amounted to 65 points.

High costs of living, food, services, health, as well as unemployment continue to be causes of concern for Panamanians, despite the good economic prospects looming for the country in 2023 and the following years.

In the latest survey, published by the Panama Chamber of Commerce, Industry and Agriculture (CCIAP), consumers expressed confidence in the economic situation in their homes and the country in general, but still feel distrustful in their ability to get or keep a job, employment in the next 12 months or on your ability to save in the future.

In general, even with the recovery in March, the results of the Confidence Index still show that we are at levels of distrust, but in this measurement, all the indicators that make up the index are growing again, mainly due to the improvement in the perception of the economic situation of the country and home in the future, explained the president of The Marketing Group, Domingo E. Barrios W.

The perception of unemployment registers an index of 84 points, 1 point above the previous measurement, while maintaining the level of mistrust.

Uncertainty due to the unemployment rate in the country is still present, and 29% of respondents answered that they do not know if they will be able to get a job, 11% believe that they will not have a job, 18% think that it is unlikely that they will get one while , 18% believe that is very likely that they have one, and 24% think that it is very likely that they have a job’

9.9%

Unemployment in Panama is currently maintained, without great expectations.

18.5%

was the level of unemployment during 2020, the year affected by the pandemic.

Traditionally, when the election campaign approaches, Panamanians express optimism about better days ahead; However, the presented research shows the need to generate greater attraction of foreign direct investment in the country, thereby generating formal jobs with multiple economic effects that raise quality for citizens, so that they have the opportunity to save, warned the president of the Chamber of Commerce, Marcela Galindo De Obarrio.

Galindo De Obarrio also highlighted the non-payment by the central government to the private sector with obligations as of December 31, 2022, which amounted to 1,416.2 million dollars, outdated study plans, which distance the youth from the real needs of the labor market.

Study

The Panamanian Index of Consumer Confidence (ICCP), conducted in Panama by pollster The Marketing Group in collaboration with CCIAP, also shows this indicator of the outlook for the country’s general economic situation over the next 12 months. won 107 points, which is equal to an increase of 13 points compared to January 2023.

This indicator entered confidence levels, representing a positive perception of the economy in the future.