Panama: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama
IMF Staff Country Reports, August 25, 2025
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- Panama: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama
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Bibliographic details
- Published: August 25, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229020992.002
Summary findings
- GDP growth slowed from 7.3 percent in 2023 to 2.9 percent in 2024, mainly due to the closure of the Cobre Panamá copper mine.
- Spillovers from the mine closure to the rest of the economy appear to have been limited; non-mining GDP growth accelerated.
- The Panama Canal returned to full capacity in September 2024.
- Inflation declined sharply from its mid-2022 peak to -0.2 percent year-on-year at end-2024.
- The 2024 external position is assessed to be broadly in line with fundamentals.
- The banking system remains sound, well-capitalized, and liquid.
Macroeconomic and sectoral notes
- Mining sector shock: closure of Cobre Panamá copper mine was the principal driver of the 2024 growth slowdown.
- Non-mining activity: recorded acceleration despite overall GDP moderation.
- Trade/transport infrastructure: Panama Canal at full capacity as of September 2024, supporting trade flows.
Financial stability and external sector
- External position: assessed as broadly in line with fundamentals for 2024.
- Banking system: characterized as sound, well-capitalized, and liquid as of the assessment.
Metadata and thematic tags (as provided)
- Subject areas: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Economic sectors, Expenditure, Public debt, Public sector.
- Keywords include: accession to Mercosur, Anti-money laundering and combating the financing of terrorism (AML/CFT), Caribbean, Central America, Global, government process, macroeconomic performance, market expectation, Panamanian authorities, Public sector, Sta TA, unit of account.
Panama: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama, August 25, 2025.