Last week, Jose Manuel Bern, one of Panama’s largest developers, did a webinar to give some insights in to what Panama’s economy and lifestyle will look like after the Covid-19 virus.
Panama will come out of the pandemic much better than other countries because it has many different sources of income and very low debt.
Even though Panama’s borders are still closed and we’re still in a quarantine, ships are going through the Panama Canal every day. Many businesses are still operating in the second largest free trade zone in the world, in Colon Panama. Panama has the largest ship registry in the world. And Panama is still exporting bananas, coconuts, copper, and more.
Because of Panama’s location, it is a distribution hub to the world. This has and will continue to attract many multinational companies to Panama.
Panama does not have a central bank. It cannot print money. Panama must sell a product or a service (like going through the Canal) to make money and they are still doing a very good job of that, even during the pandemic. The IMF (International Monetary Fund) expects Panama to have only a 2% shrinkage in GDP in 2020, the lowest in Latin America.
The same things that attracted people to relocate to Panama before pandemic will attract people even more to Panama after the pandemic. The most important factors are:
* Lower cost of living
* Better weather
* Great infrastructure
* Stable government
* Strong diversified economy
But now, as you will hear on the webinar, Panama is planning even more ways to attract you to relocate to Panama. LISTEN TO THE WEBINAR HERE
Yes, you can live BETTER for less in Panama!
We’ll let you know as soon as Panama’s borders open and we can start doing Panama Relocation Tours again… hopefully soon!