Panama is still growing

Day 262 Wednesday (Miercoles) - Panama City

Despite what is going on in the rest of the world, especially the US and Europe, Panama and other Latin American countries have steadied the ship for more years of growth. Panama has not felt the impact of the so called Global Crisis that began in 2007/2008. Panama has forged forward and see's continued growth for the next few years. Granted Panama cannot keep the rapid pace of 8-10% but 5-7% should not be out of the question as they complete the canal widening, complete the new Rio Hato International Airport, Complete renovations to the existing Tocumen Airport, Complete the new Metro system throughout Panama City.  The above projects have kept Panama growing which has created a much larger middle-class.

Panama still has a lot of poverty, especially in the interior of the country, but even these folks are benefiting as the growth starts to push west.  Panama City is already classified as an International City worthy of global attention, now the push through-out the interior will help Panama maintain.

With a solid banking system and laws that favor foreigners being treated as locals, Panama is showing the world how to prosper. Of course it was not always like this, and sustained growth is always a tricky thing to accomplish but I see Panama growing steadily, not rapidly, but I am no economist, but then again the professional economists didn't see the train wreck coming to the US and Europe, although they all say they did now.

I am hoping the US can get back on track, hey it is my home, but with the political climate what it is, and over 54 million citizens on the government dole in one form or another, and climbing, I just don't see too much change coming for a very long time. Wealth is disappearing, and with that comes uncertainty, it is funny how the US economy was built on consumer and government debt, not savings to build wealth. It is no wonder the Fed has kept the interest rates so low, OK non-existent. How can a little Latin American country like Panama have secure banks and credit unions paying as much as 8.5% on CD's? and have been for quite some time. O I know, they make sure you can afford shit before they loan money, if not, take a seat my friend and work hard, save, then come back.

Hasta Luego for now