Panama's Economy grew 3% in 2009, and is expected to exceed 5% growth in 2010
According to the Panamanian Finance Minister Alberto Vallerino, Panama's economy has grown 3% in 2009 and is projected to grow 5% in 2010.
While many Latin American countries have been experiencing a recession this year, Panama's economy counties to grow, albeit at a slower rate than in the past few years.
Panama's economic growth rate has slowed sharply after averaging above 8 percent in recent year. Traffic passing through the Panama Canal, a driver of the economy, has fallen due to a worldwide recession.
The slowdown has in turn cooled inflation. Consumer prices in Panama rose 0.2 percent in October from the previous month, bringing 12-month inflation rate to 0.7 percent, the national statistics agency said.
Consumer prices rose 8.7 percent in 2008
Currently Panama's debt is rated just under investment grade, but this may be changing. S&P and Fitch rate Panama BB+, while Moody's rates it a Ba1, but all three agencies have indicated that thier ratings could be raised soon.
