More reports emerged this week about the positive state of affairs in Panama and how the country has not been affected by the global financial crisis.
Gisela Vergara, who is the Panamanian minister of commerce and industry, spoke this week at a forum in Tokyo. She stated that Panama has experienced fewer losses due to its sufficient liquidity within the country’s banking system.
Panama is one of the largest financial centers of Latin America, but has no central bank. The economy is based on regional financial services, and has had growth of local and foreign savings following U.S. problems. Panamanian banks offer tax-free bank savings and low interest rates on bank loans. There is no sub-prime mortgage market in Panama, but much of the country’s economy is based on the United States.
Panamanian President Martin Torrijos claimed earlier in the year that the country is prepared to face the crisis. The expansion of the Canal has allowed for further economic expansion, and the country offers economic incentives to business and individuals looking to relocate to the country.
Check out our incredible land deals in Panama! Now is the time to move or retire in Panama and experience the international growth! Visit panama-land-for-sale.com to check out our properties and other facts about moving to Panama.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment