panama economy Archives | Panama Relocation Tours

April 17, 2018 By Jackie Lange Leave a Comment

Full Steam Ahead for Panama

Panama is a forward thinking, upwardly mobile country and it is obvious. Everywhere you look, from the Azuero Peninsula, to Panama City, to Chiriqui province, and all points in any direction the progress is palpable.

In the last few years the government has invested over $200 million to update Panamanian airports, ensuring that it is the best connected country in Latin America.

The Tocumen International Airport in Panama City and the Enrique Malek in David have undergone extensive renovations and additions, changing their designation in the “airport hierarchy.” In Rio Hato, Cocle province, the Scarlett Martinez International Airport is going to be the catalyst for a huge surge in tourism for Panama. It is situated close to resorts on the Pacific beaches so will enable Canadian and U.S. tourists to fly directly there.

Residential communities are under construction throughout the country, running the gamut from low cost tract houses to elaborate gated communities.

New and improved infrastructure, an impressive metro system in Panama City, new medical clinics and hospitals being constructed constantly are just a few of the constant improvements. Hospital Chiriqui in David has recently over doubled in size, as one example.

The province of Chiriqui alone is mind boggling in its full steam ahead progress. Look in any direction or on any street in the city of David and you will discover huge multi-floored edifices under construction from apartment/condo complexes to business/retail centres. A gargantuan mall is now in its second year of construction just outside the city on the highway to Boquete. It will not only boast four hundred stores, but will also be the home of the giant bus terminal. This project alone employs thousands of workers and in turn, when completed, will employ as many as 5000 staff.

The latest grand improvement in David is of course the monolithic state of the art baseball stadium which opened its doors on March 23, 2018 to enthusiastic fanfare. Panamanians take their baseball extremely seriously and this, the Kenny Serracin Estadio, is the proof and David’s pride and joy. It is a majestic landmark which seats between four thousand and six thousand fans and provides parking for three hundred vehicles.

Not to be outdone, Boquete is in the midst of excavating a new and sorely needed sewage system as well as waterworks improvements. A giant new Super Baru supermarket has recently opened, and it seems as though there is at least one new restaurant opening every week, ranging from the funky to the elegant.

Next on their horizon, just outside Boquete, in the area known as El Frances, a huge convention center is in the works. “It is the only center of its kind in the region, surrounded by nature, with environmentally friendly structures, a recyclable waste water plant, and a renewable energy system.” announced the Panamanian Tourism Authority administrator. “It will boost convention tourism in the province and positively affect tour operators, travel agencies, hotels, and restaurants.”

Very close to the border between Panama and Costa Rica lies the town of Puerto Armuelles, once a United Fruit Growers town, consisting mainly of banana plantation workers. When UFG pulled stakes and abandoned this port town due to labor problems, it became a sleepy little shadow of its former self.

Recently, Del Monte has pledged to raise this phoenix from the ashes. Consequently many investors’ eyes are back on Puerto Armuelles. It is estimated that more than 15,000 jobs will become available, along with a myriad of satellite opportunities. As well, there is talk of a cruise ship port being located there someday.

New roads are being built south of Puerto Armuelles for better access to the southern peninsula and its beautiful beaches

Panama is a country in perpetual motion, ever striving to be better in every way. At this point there are, as is normal, growing pains and setbacks but mostly it is full steam ahead. This little isthmus is making huge strides each and every day.

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May 19, 2017 By Jackie Lange Leave a Comment

Panama Checks All the Boxes

When you’re considering moving overseas it’s important to consider more than just how pretty the beach or mountain towns are. Panama has plenty of both.

A more affordable lifestyle is important and so is quality and affordable healthcare. Panama delivers here too!

You want to relocate to a country that is safe. Panama is probably much safer than the town where you live now. And Panama is certainly much safer than many places in Europe or Mexico.

But what’s equally important to consider is how stable the government is and how strong the economy is. The last thing you want to do is move from one country with serious financial problems (large debt) to another country with serious financial problems. There is no political tension in Panama. Panama really shines in this category!

My Friend Bob Adams of Retirement Wave recently published a special report about the economic conditions in Panama. The link to the article is below. I think you’ll be surprised at how well the Panama economy does compared to other countries.

So many outside Panama see how small we are and automatically assume that our economy is small too. They also assume that Panama is nowhere near as well off as Brazil, Mexico, Colombia, and other much larger Latin American nations. They forget an important fact. It is not only how much money you make. It is how many mouths you have to feed. To compare Panama with other nations in our region, you need to look at our economy in per capita (per person) terms.

Read the Article Here and see two charts which illustrate how Panama compares to other countries. (republished with permission from Bob Adams) You’ll be amazed!

You’d be hard pressed to find a country that offers as much as Panama does!

Come see why Panama is the IDEAL retirement destination. It’s easy to start a new business in Panama too. Join us for a Panama Relocation Tour in 2017.

See details about Panama Relocation Tours HERE

We only require a $500 deposit to reserve your spot for an upcoming tour. RESERVE HERE or call 972-496-4500

To a Better Life in Panama!
Jackie Lange

P.S. Check out www.Facebook.com/panamarelocationtours
We added a lot of videos and photos from the May 2017 tour

August 13, 2016 By Panama Relocation Tours 4 Comments

The Key to Panama’s Success: Free Enterprise

My good friend Bob Adams, who has lived in Panama more than 12 years, was published in Barron’s magazine again with this story about what makes Panama such an amazing success. I was lucky to get an advance copy of the story before it came out in print. Read it here..(click on the link below)

THE KEY TO PANAMA’S SUCCESS: FREE ENTERPRISE

A lot of countries have beautiful beaches, mountain vistas and affordable living. But few countries can match the strong economy of Panama. Few countries have a government that encourages true free enterprise. A strong economy fueled by free enterprise should be important considerations when deciding where to relocate to.

The real story of Panama in the 21st century is a story of a rapidly developing economy that has nothing to do with offshore anything. For more than a decade, Panama’s GDP has averaged annual growth nearing 8%, with a few double-digit years. Even at the depth of the financial crisis in 2009, it booked a respectable 4% GDP growth, while nearly everyone else in the hemisphere booked red ink.

Foreign direct investment last year rose 17% from the record set in 2014, which was more than 9% above the record set in 2013. In 2000, per-capita GDP was similar to that in neighboring Costa Rica and Colombia, though well behind the two big Latin American emerging markets, Brazil and Mexico. As of the end of 2015, Panama’s per-capita GDP was 24% higher than Mexico’s, 39% higher than Brazil’s, 41% higher than Costa Rica’s, and 57% higher than Colombia’s.

Additionally, the massive improvement in transportation, logistics, and communications infrastructure has made Panama a leader in Latin America in those sectors.

WHY PANAMA? What changed? Can we learn something from this? The nation and its canal have been there for more than a century. Consider three lessons.

Panama’s economy is based on free enterprise. The government and the people of Panama have a commitment to free enterprise that is rare in Latin America. In the 2014 presidential elections, two candidates with a socialist perspective took part in the televised debates and ran campaigns, but barely collected 1% of the vote between them. Due to the emphasis on private enterprise, the government has the income to provide benefits to the poor that can exceed those of Latin American nations that claim to be socialist. You are not likely to meet a Panamanian who would prefer to live in Venezuela.

The immigration issue has been dealt with intelligently in Panama. When Panama’s dramatic economic growth began a decade ago, Panama’s small population and inadequate public-education system left the nation in a bad spot. The challenge was to handle growth while improving the skills of their people.

A big part of Panama’s answer was to use relocation instead of immigration. Relocators can be residents and workers, but not citizens.

Panamanian relocators include American retirees, but also other Latin Americans, especially from Colombia and Venezuela. Recently, they have been joined by a growing number of Europeans. Last year, Italians and the Spanish receiving residency visas and work permits both outnumbered Americans.

By taking citizenship out of the equation, Panama was able to absorb large numbers of relocators without the tension and rioting seen in Europe or the hate language too common in the U.S. today.

Panama’s political leadership has a common goal. I have been a relocator in Panama through two five-year presidential terms and I am in the middle of a third presidential term. Each president has had his own particular style, issues, and policies. Each represents a different political party and they are not the best of friends.

Debate among the leaders can be very partisan, but they have one important thing in common: When it comes to economic growth, they pass the ball, they don’t drop it. All the major projects supporting economic development have continued under each president. Each makes some changes here and there, and they may agree on little else, but they have proven their dedication to continuing economic growth to Panamanians and the international investment community.

READ THE REST OF THE ARTICLE HERE