Panama’s Impressive Rebound

When you’re looking for a place to relocate to, it’s important also to research their economy. A strong economy means jobs, low unemployment, higher wages, and less crime. A politically stable government is important too.

Panama’s economy was strong until the pandemic hit. Then it took a sharp decline of more than 17%. But since late 2020, Panama’s economy has been on a steady increase, as you can see in the chart below. Worldbank says Panama’s GDP has rebounded from the COVID-19 crisis with 2021 growth at 15.3 percent, driven by copper mining from Panama Cobre, construction, manufacturing, and commerce. The mining sector accounts for 7.1 percent of GDP in 2021, up from 3.8 percent in 2020.

Focus Economics reports that “The economy of Panama is centered on a highly-developed services sector, which represents more than 75% of gross domestic product (GDP). The Panama Canal and use of the U.S. dollar have promoted the strengthening of a globally-oriented services economy. The Panama Canal is essential to global trade and accounts for almost 10% of the country’s GDP. Other important components of the service economy are the Colon Free Trade Zone (CFZ), which is the second largest free port in the world, and the Trans-Panama Pipeline, which allows for the transport of crude oil between the Pacific and Atlantic coasts. The license and registry of the Panama flag to merchant ships is another source of economic activity. Panama also has a large logistics and storage services sector, as well as a modern banking and insurance industry. The agricultural sector has lost importance over the years, accounting for less than 10% of GDP today. The main cash crops produced in the country are bananas, corn, coffee and sugar.”

Wages have been going up too. In Panama, it’s rare to see homeless people or people begging for money. Wages are much higher in Panama than in other Latin American countries.

You can read more about Panama’s impressive success in Bob Adam’s Retirement Wave new report (we have permission to share it with you)

>>>>>>READ THE REPORT HERE < < < < < <

Bob also has an excellent YouTube Channel with weekly updates about life in Panama and Panama’s economy.

Who Is Bob Adams? This is from Bob’s “About Us” page on his Retirement Wave website:

“I’ve spent nearly all of the five decades of my adult life (I am 74) working globally in more than 40 nations in North America, Central America and the Caribbean, South America, Europe, Africa, the Middle East, and Asia. I have worked for non-profit humanitarian agencies, the “foreign aid” programs of the UN and the US, and several international business firms.

I’ve taken an active role in global affairs and done my best to promote ideas that I hope will ease the development of this new “global community” that is forming around us. I’ve been widely interviewed and published. I have written on six occasions for Barron’s, the well-respected US financial journal, on topics including American migration to other nations. In addition, I was interviewed by Erin Burnett when she hosted CNBC’s “Street Signs” financial program. I also have written at the Wall Street site, Minyanville, as well as at Business Insider, the Asia Times, and others. I have been interviewed many times in the past for media ranging from Singapore’s Straits-Times to Australian public television, BBC, USA Today, etc. I have made public presentations over the years at various locations ranging from the National Press Club in Washington DC to the Universidad Latina in Panama City.”

Bob Adams

Bob is a trusted source for information about what’s going on with Panama’s economy!

bob adams panama
Bob Adams of Retirement Wave

Jackie Lange

Jackie Lange is the founder of Panama Relocation Tours and lives in the highlands of Boquete Panama. She has helped thousands of people relocate to Panama.

Reader Interactions

Comments

  1. Roger Nair says

    Thanks for the excellent report on Panama. We are planning our visit and will make arrangements soon. Looks like we are not the only ones as I now see you are booked through March next year. We really enjoy your Saturday sessions and all the information you send. You are a wealth of information and a gem in providing so much help to everyone interested in going to Panama.
    I’m sure some move to Panama and stay only a short while for whatever reason. Do you have any idea what percentage of people who move to Panama return to the United States?
    Again thank you so much. Hope to see you all soon.
    Roger

    • Jackie Lange says

      People who come on a Panama Relocation Tour or buy the Complete Panama Relocation Guide rarely leave Panama. But those who attend the big international conferences or try to do it on their own, usually have a 50% rate of people who leave in less than a year.

  2. Richard Sieber says

    Hello Jackie, love your emails and how you explain things about Panama. I have one question. I am retired now but my wife will not be able to retire until May in 2023. Can we go ahead and obtain a Panama visa now or do we have to wait? Thank you, Richard.

    • Jackie Lange says

      HI Richard. I’m glad you enjoy my emails. If you have a pension or Social Security of at least $1250, you and your wife can get the Pensionado Visa now. You do not need to wait until she retires.

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