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The economic challenges in Panama

Panama is preparing to enter a new political cycle with important challenges in the fiscal and productive areas, following a government led by Juan Carlos Varela that fell short on key issues such as the economic momentum.

Among the economic challenges of the new government is improving the efficiency of the tax system. After more than five years of an economic slowdown, awarded by different experts to a historical cycle, the relaunching of the economy of Panama poses to the new Government the challenge of propping up fiscal policy to improve, among other things, the collection.

Panama closed 2022 with gross domestic product (GDP) growth of 3.7%, the lowest rate since 2009 (2.4%), which placed the indicator in nominal terms at 65,055.1 million dollars and the fiscal deficit in the 2%.

"We have to raise the collection," affirmed Efe the dean of the Faculty of Economics of the State University of Panama, Rolando Gordón, who recommended the new Executive to opt for a frontal fight against tax evasion, which "currently exceeds 35% ", before thinking about applying new taxes.

 

2023-02-03

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