{
  "title": "Panama: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama",
  "publication": "IMF Staff Country Reports, August 25, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/08/25/panama-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-569920",
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  "summary": "Following a strong rebound from the COVID-19 slump, 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. However, spillovers to the rest of the economy appear to have been limited and non-mining GDP growth accelerated.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- 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.  \n- Spillovers from the mine closure to the rest of the economy appear to have been limited; non-mining GDP growth accelerated.  \n- The Panama Canal returned to full capacity in September 2024.  \n- Inflation declined sharply from its mid-2022 peak to -0.2 percent year-on-year at end-2024.  \n- The 2024 external position is assessed to be broadly in line with fundamentals.  \n- The banking system remains sound, well-capitalized, and liquid."
    },
    {
      "heading": "Macroeconomic and sectoral notes",
      "content": "- Mining sector shock: closure of Cobre Panamá copper mine was the principal driver of the 2024 growth slowdown.  \n- Non-mining activity: recorded acceleration despite overall GDP moderation.  \n- Trade/transport infrastructure: Panama Canal at full capacity as of September 2024, supporting trade flows."
    },
    {
      "heading": "Financial stability and external sector",
      "content": "- External position: assessed as broadly in line with fundamentals for 2024.  \n- Banking system: characterized as sound, well-capitalized, and liquid as of the assessment."
    },
    {
      "heading": "Metadata and thematic tags (as provided)",
      "content": "- Subject areas: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Economic sectors, Expenditure, Public debt, Public sector.  \n- 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.\n\nPanama: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama, August 25, 2025.\n\n---\n\n Content in this bundle\n\n- Panama\n  - Panama (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Panama (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 25, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229020992.002",
    "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.",
    "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.",
    "External position: assessed as broadly in line with fundamentals for 2024.",
    "Banking system: characterized as sound, well-capitalized, and liquid as of the assessment.",
    "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**"
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