Panama’s globalization shines through
Thursday, December 11, 2008 10:36
The fact that Panama is one of the most globalized countries in Latin America ensures that, unlike other countries that are mostly dependent on the recession hit United States, trade will be less affected by these economic downturns.
If one compares Panama to Venezuela, who is highly dependent upon oil exports to the United States, the forecast growth and expansion of its economy is a dismal 2%, whereas Panama, who enjoys a substantially diversified and well structured export market, is forecast at a growth rate of 7,8% – the highest in Latin America.
Other factors affecting the globalization of any country are the direct foreign investment, tourism and internet penetration. Whilst Panama leads the foreign direct investment, Chile leads the internet penetration, and Dominican Republic that of the tourism sector.
Globalization is a valuable tool to ensure prosperity for the country’s citizens and itself as a whole; Panama has taken the right steps in ensuring this diversification and continues to move in a positive direction.
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