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Transforming Panama's Economy: Insights from the National Competitiveness Center

In June 2012, Rosemary Piper, Deputy Director at the National Competitiveness Center, shared insights into Panama's economic transformation during the Caribbean Growth Forum. With a 2012 government forecast predicting a 10% growth in Gross Domestic Product (GDP), the presentation highlighted the contributions of various sectors to the economy, showcasing Panama's strategic initiatives aimed at boosting competitiveness and fostering sustainable development.

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Transforming Panama's Economy: Insights from the National Competitiveness Center

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  1. PANAMA:

    Transforming the economy

    Rosemary Piper Deputy Director National Competitiveness Center Caribbean Growth Forum, Kingston, June 2012
  2. Quick Economic Overview:Gross Domestic Product 2012’s government forecast: 10%
  3. Gross Domestic Product: Contribution by Sector Colon Free Zone, ports, Panama Canal and telecommunications: 24.2% Commerce: 15.2% Financial: 8.1% Construction: 6.1%
  4. Foreign Direct Investment Last year: ports, mining and tourism Historic level in 2011: $2,790 Billions Source of innovation and “learning by doing” In 2010 LAC was the destiny of 10% of the FDI up from 5% in 2007
  5. Competitiveness
  6. Important Competitiveness Indexes
  7. GCI: Evolution 2005-2011 GCI = ???
  8. Indexes Analysis
  9. Indexes Analysis (cont.)
  10. Panama’s Commitment to Promote Competitiveness and Sustainable Growth Prioritize public investment in sectors where a comparative advantage exists Assure transparency in all government’s actions to safeguard investor’s trust Strengthen the internal market within a safe environment to stimulate the confidence of producers Guarantee a simple and fair distribution of the tax burden, while maintaining competitiveness within sectors Maximize the government’s investment, increase income, establish outlines for public-private participation and diminish the operative expenses. Alberto Vallarino, Minister of Economy and Finance at the 4th National Competitiveness Forum, Panama City , November 2009
  11. Economic Sectors Hierarchy and Potential Government´s capacity to intervene Competitive advantage Social impact (jobs) Economic impact on GDP Logistics Growth Boosters Tourism Agriculture Financial Services Off-shoring services Maritime services Future Potential Private health services Regional headquarters of multinationals Alberto Vallarino, Minister of Economy and Finance , on the Government´s Strategic Plan 2010-2014, November 2009
  12. Some Reforms and Actions Businesses: Law 34 of 6/5/2008: Social Fiscal Responsibility Requires financial and public investment planning Law 41 of 8/24/2007: special regime for the establishment and operation of headquarters Drives AEEPP (Howard, a former US Base) Laws 5 of 01/11/2007 and 31 of 07/22/09: speeds up businesses opening PanamaEmprende Taxes payments via internet Energy: Energy Savings Plan in effect for the public sector Law frameworks in progress: program to establish the rational and efficient use of energy; Eolic Law and Bio-fuel Law
  13. Some Reforms and Actions (cont.) Infrastructure: Extension of the Panama-Colon Highway “Metro” system Panama Bay’s clean-up Reorganization of the roads system Technology and Innovation Law 59 of 08/11/2008: promotes digital inclusion Universal Internet access “Panama Inteligente” (by 2014): a paperless country (E-justice; E-exports…)
  14. Actions Led by the NCC National Competitiveness Forum: A public-private encounter to build consensus The “Action Agenda” Implementations follow-up Status of implementation of the previous year's Action Agenda In processCompletedPending Source: National Competitiveness Center
  15. Actions Led by the NCC (cont.) Monitoring of competitiveness indexes Thorough analysis Joint efforts with SEAC Workshops with local partners Investigation, analysis and diffusion
  16. Final Words… The nation’s competitiveness hinges on the “smart management” of micro and macroeconomic forces, and the willingness of individuals, enterprises, and policymakers to work hand-in-hand to meet shifting challenges. If a country is to reach a sustainable level of development, both government and businesses must move in tandem toward common goals: contributing to the improvement of the quality of life for all citizens, overcoming the barriers of unemployment and poverty, and improving productivity across the board. Competitiveness is not exclusive to a single group or sector; it can be achieved only through a joint effort.
  17. Competitiveness is not a destiny, it is a path…
  18. NATIONAL COMPETITIVENESS CENTER TOGETHER WE DO IT BETTER! A not-for-profit private organization with a public-private board of trustees www.cncpanama.org Justo Arosemena Ave. and 31st Street Panama City, Republic of Panama (507) 394-4363 or 394-4364
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