Maintaining the positive momentum; challenges remain on the fiscal front

BB2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in January 2023.

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GDP USD75.5bn (World ranking 74, World Bank 2022)
Population 4.4mn (World ranking 127, World Bank 2022)
Form of state Presidential Republic
Head of government Laurentino CORTIZO (president)
Next elections 2024, presidential and legislative
  • Trade hub based on the Panama Canal and the Colon free trade zone
  • Regional financial hub and international banking center
  • Business environment above regional average
  • Stable political system
  • Vulnerability to external shocks (global trade and financial links)
  • Rule of law and control of corruption are below average
  • Informality of the job markets (estimates: up to 50% of workers)
  • Deficiencies in education and vocational training

Trade structure by destination/origin

(% of total, annual 2021)

Exports Rank Imports
China 19.0%
1
19.9% China
Japan 11.2%
2
19.8% United States
United States 7.5%
3
8.6% Japan
Ecuador 6.8%
4
6.8% Ecuador
Korea, Republic of 6.7%
5
4.9% Singapore

Trade structure by product

(% of total, annual 2021)

Exports Rank Imports
Metalliferous ores and metal scrap 49.2%
1
27.9% Petroleum, petroleum products and related materials
Petroleum, petroleum products and related materials 8.6%
2
10.3% Other transport equipment
Other transport equipment 6.5%
3
6.3% Medicinal and pharmaceutical products
Vegetables and fruits 4.1%
4
4.1% Road vehicles
Medicinal and pharmaceutical products 3.5%
5
3.8% Articles of apparel & clothing accessories
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