SIP economic advisor Oliver Serrano told the press that the union expects that the Panamanian economy will grow by 7% in 2022, which will help create 10,000 new jobs.
Luis Frauca, SIP President, estimated that although the economy is undergoing a recovering process, it will not be until 2023 when it will return to the figures it had before the pandemic (2019).
Among the activities of the industrial sector that have performed well and that will continue to do so are mining and quarrying, cement production, cattle and pork meat and dairy production, La Estrella de Panamá newspaper reported.
However, Serrano mentioned that during the first months of the year the positive cases of the pandemic have augmented, but in spite of this, they hope that it will not last, and that from the second quarter onwards the economy will have a more normal, rapid and lasting performance.
In addition to the pandemic, he mentioned other factors that could affect the country’s growth prospects such as inflation and fiscal debt for which the State will have to draw up plans.
Regarding the increase in the price of raw materials, including oil, it has been constant in the last months; and it will be maintained perhaps until the middle of the year 2022, he added.
They also predicted that the economic revival of Panama, results that are not appreciable for the majorities, will depend on the spread of the Omicron variant of SARS-CoV-2 and that this does not cause additional closures and restrictions, and can be controlled in the coming months.