When I was first looking for a place to relocate to overseas, I was most concerned with the weather. I wanted to live in a place where I’d never need air conditioning or a heater again. I needed to live in a place where I could have my windows open and get fresh air every day. A lower utility bill was a big plus too. Of course, I found that in Panama.
However, when I was investigating and visiting other countries to relocate to, I discovered that the stability of the government and the strength of the economy is just as, if not more, important. In some Latin American countries, wages are so low that it creates problems like crime.
One really important measure of a nation’s stability is the wealth of its population. According to the latest International Monetary Fund estimates, Panama has the 11th largest economy in the LatinoAmerican region.
However total GDP is not the biggest factor to look for. GDP per capita is more important. Panama’s population is really small compared to the other ten countries in the list above. Yet Panama’s income per capita is the highest at $28,810, higher even than Chile.
Panama’s inflation is very low at about 1.5%. Wages are high. Home ownership rates are way up. Unemployment is extremely low. All these things add up to happy people in Panama!
This #1 spot is likely to be reinforced in 2019 as the IMF predicts a 6-7% GDP growth this year for Panama. A picture tells a thousand words! Look at the chart below to see how Panama’s economy compares with other Latin American countries.
You can see why Panama is the ideal place to relocate to! Panama has great weather, affordable living, a stable government and the strongest GDP per capita of all Latin American countries. Panama also has the most friendly and welcoming people! [Read more…]