Panama: 2020 Article IV Consultation-Press Release; and Staff Report

April 21, 2020

Preview Citation

Format: Chicago

Panama: 2020 Article IV Consultation-Press Release; and Staff Report, (USA: International Monetary Fund, 2020) accessed November 21, 2024

Summary

This 2020 Article IV Consultation with Panama discusses that focuses on Panama’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. Growth is expected to recover to 4.8 percent in 2020. However, the balance of risks is tilted to the downside. A gradual fiscal consolidation can address the large fiscal imbalances while being mindful of the weak economy. Tax and customs administration reforms are needed to address the shortfall in revenues and provide room for public investment and social spending. The economic slowdown, which began in mid-2018 due to a construction strike, extended into 2019. The external current account deficit narrowed and remained adequately financed by foreign direct investment. As the economic situation in Venezuela continues to deteriorate, an increasing number of Venezuelans have migrated to Panama, creating additional social pressures.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Economic sectors, Expenditure, Public debt, Public sector, Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Central America, CR, Deficit, Deficit ceiling, Financial system, Global, Gradual adjustment, ISCR, Net export, Net foreign direct investment inflow, Net oil, Net oil import, Oil import, Panama, Public sector

Publication Details

Pages:

76
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/124
Stock No:

1PANEA2020001
ISBN:

9781513541594
ISSN:

1934-7685

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