Panama
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 1999-2000 , pp 257-263
- Publication Date: December 2000
- DOI: https://doi.org/10.18356/031eef51-en
- Language: English
The pace of growth in the Panamanian economy slowed to 3.2% in 1999, following rates of over 4% in the two preceding years. Growth figures were undermined for the second year running by a downturn in external demand, especially from the rest of Latin America, which led to a steep drop in the level of re-exports from the Colon Free Zone. The formerly vigorous expansion of domestic demand slowed somewhat, partly as a result of the elections and change in Administration, which led to restrictions on public spending and generated a brief period of uncertainty. The economy maintained its traditional low level of inflation and the fiscal deficit was reduced, but a large deficit persisted on the current account of the balance of payments. An event of great significance for the country ’ s modernization drive occurred in December when the United States completed the process of handing over the assets and facilities of the Panama Canal to the Panamanian Government.
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