Panama: 2009 Article IV Consultation: Staff Report; Staff Statement and Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Panama
IMF Staff Country Reports, July 13, 2009
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- Panama: 2009 Article IV Consultation: Staff Report; Staff Statement and Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Panama
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Bibliographic details
- Published: July 13, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451830910.002
Summary and Key Findings
- Strong economic fundamentals helped Panama contain the adverse impact of the global economic downturn and financial turmoil.
- Real GDP of Panama in 2008 grew by 9.2 percent.
- Panama’s large banking system has weathered the global financial crisis relatively well.
- Executive Directors noted that Panama is facing the global economic crisis from a position of strength.
- Directors commended the authorities for the fiscal consolidation of recent years and the associated rapid decline in the public debt-to-GDP ratio.
Economic Performance
- Real GDP growth in 2008: 9.2 percent.
Financial Sector Resilience
- Panama’s large banking system is described as having weathered the global financial crisis relatively well.
Fiscal Position
- Authorities were commended for fiscal consolidation in recent years and the associated rapid decline in the public debt-to-GDP ratio.
Subject Areas and Keywords
- Subject: Banking, Commercial banks, Credit, Economic sectors, External debt, Financial institutions, Money, Public debt, Public sector, Revenue administration
- Keywords: Caribbean, CD alliance, Central America, Commercial banks, correspondent bank credit line, CR, Credit, Global, IDB fund, ISCR, nontax revenue, Panama, Public sector, staff appraisal, Western Hemisphere