Panama Economy Holding up amid tough times!

In a recent article in the Tico Times it clearly states how panama has seen a bit of a slow down but still continues to grow, read the full article below or access at:  http://www.ticotimes.net/dailyarchive/2009_06/0626093.cfm

Panama not panicking amid economic trouble

By TimRogers  Looking on the bright side: The Trump Ocean Club continues its upward climb amid other skyscrapers in Panama. Tim Rogers | Nica Times PANAMA CITY, Panama – After Several years of explosive economic growth, Panama is starting to show signs of wear from the world economic crisis. The economy, which was growing at near double-digit rates a year ago, registered a more modest 2.5 percent growth rate for the first quarter of 2009, according to government figures released last week. Leaders of the real-estate development sector, which has powered the country’s economic expansion for the past five years by producing more than $1 billion in new construction annually, now predict as many as 60,000 workers could be out of a job by the end of the year. But Panama isn’t panicking. In fact, thanks to its solid banking system, geographical position and perhaps a dose of good luck, Panama expects to ride out the crisis better than its neighbors and come out the back end of the storm stronger than it went in.

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