{
  "title": "Panama: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama",
  "publication": "IMF Staff Country Reports, March 24, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/03/24/panama-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-531352",
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  "summary": "This 2022 Article IV Consultation discusses that in the decade-and-half preceding the coronavirus disease 2019 pandemic, an unprecedented construction and investment boom precipitated a rapid economic expansion in Panama.",
  "sections": [
    {
      "heading": "Context and recent developments",
      "content": "- In the decade-and-half preceding the coronavirus disease 2019 pandemic, an unprecedented construction and investment boom precipitated a rapid economic expansion in Panama.\n- Major infrastructure and investment projects included expansions of the Panama Canal and Tocumen Airport, large scale building of new skyscrapers in Panama City, and construction of one of the largest copper mines in the world."
    },
    {
      "heading": "Growth outlook and projections",
      "content": "- Economic growth is expected to slow to 5 percent in 2023.\n- Economic growth is expected to be 4 percent in the medium term."
    },
    {
      "heading": "Key challenges and vulnerabilities",
      "content": "- Need to boost resilience to shocks by:\n  - rebuilding fiscal buffers,\n  - strengthening financial integrity,\n  - enhancing financial sector oversight.\n- Fiscal challenge: a steady decline in the revenue-to-gross domestic product ratio needs to be reversed to reduce the fiscal deficit over the medium term while creating room for new spending and preserving social assistance."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Rebuild fiscal buffers to increase resilience to shocks.\n- Reverse the decline in the revenue-to-gross domestic product ratio to:\n  - reduce the fiscal deficit over the medium term,\n  - create room for new spending, including on education,\n  - preserve spending on social assistance.\n- Strengthen financial integrity and enhance financial sector oversight to sustain rapid convergence with advanced economies."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Credit, Crime, Economic sectors, International organization, Monetary policy, Money, Public debt, Public sector, Revenue administration\n- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Central America, Credit, food price subsidy, Global, growth-interest differential, IMF staff calculation, inflation expectation, Public sector, superintendency of bank\n\n---\n\n Content in this bundle\n\n- 1panea2023002\n  - 1panea2023002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1panea2023002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 24, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400237942.002",
    "In the decade-and-half preceding the coronavirus disease 2019 pandemic, an unprecedented construction and investment boom precipitated a rapid economic expansion in Panama.",
    "Major infrastructure and investment projects included expansions of the Panama Canal and Tocumen Airport, large scale building of new skyscrapers in Panama City, and construction of one of the largest copper mines in the world.",
    "Economic growth is expected to slow to 5 percent in 2023.",
    "Economic growth is expected to be 4 percent in the medium term.",
    "Need to boost resilience to shocks by:",
    "Fiscal challenge: a steady decline in the revenue-to-gross domestic product ratio needs to be reversed to reduce the fiscal deficit over the medium term while creating room for new spending and preserving social assistance.",
    "Rebuild fiscal buffers to increase resilience to shocks.",
    "Reverse the decline in the revenue-to-gross domestic product ratio to:",
    "Strengthen financial integrity and enhance financial sector oversight to sustain rapid convergence with advanced economies.",
    "Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Credit, Crime, Economic sectors, International organization, Monetary policy, Money, Public debt, Public sector, Revenue administration",
    "Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Central America, Credit, food price subsidy, Global, growth-interest differential, IMF staff calculation, inflation expectation, Public sector, superintendency of bank",
    "**1panea2023002**"
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