panama moves a step closer to investment grade rating
News Posted On: 02 December 2009
2009-12-03 - UK - Panama is a shining beacon of hope in the global recession. Economic growth is accelerating, and the finance ministry is forecasting growth of 5% next year. The International Monetary Fund is forecasting 3.8% growth after 1.7% this year. The government has begun making fiscal reforms, that will increase revenues from taxes etc by a further 0.75% of GDP.
The recent reforms, combined with Panama's impressive economic performance have led to Standard and Poor the international credit rating agency to up Panama's sovereign credit rating outlook from stable to positive this week.
Panama's property market has also continued to perform well during the recession, with zero reports of developers cancelling developments or suffering financial difficulty. It has to be said that this is despite the heavy activity in the market among American retirees, though American retirees have not been the worst affected by the US recession.
The Panamanian property market, from a foreign investor's perspective has always been fuelled by the country's vast economic potential. There is growing tourism, and a beach-property market, but most buyers have favoured the big cities for investment purposes.
Panama hopes to achieve "investment-grade" rating on its debts within the international community. All three credit rating agencies (S&P, Fitch and Moody's) currently rate Panama at 1 notch below investment grade. Panama's recent economic performance and the introduction and enaction of the current wave of reforms are likely to be successful in upping its rating according to S&P.
S&P also clearly stated that panama could be the next Latin American state to achieve an investment-grate rating.
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