1945

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.

Related Subject(s): Economic and Social Development
Countries: Panama
/content/books/9789210582957s003-c015
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