| Global economic recession affects development, employment in Panama |
| Last Updated(Beijing Time):2009-10-21 11:42 |
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The global economic recession has increased the unemployment and poverty rates in Panama, Comptroller General of the Republic Carlos Vallarino said on Tuesday.
After registering economic growth of 11.5 percent in 2007 and 9.2 percent in 2008, the Panama's Gross Domestic Product (GDP) will grow only 3 percent this year, which is already a favorable figure amid the economic contraction experienced by the Latin American countries.
According to the Panamanian government, from 2003 to 2008 the unemployment rate had been reduced from 10.9 percent to 5.6 percent thanks to the economic development.
"Now it (the unemployment rate) is 6.6 percent. This means that the economic crisis affected not only the economy but also the employment rate," Vallarino said, adding that this will contribute to an increased rate of poverty.
Vallarino said that currently more private and public investment is needed to revive the economy.
The economic recession has more seriously affected such sectors as agriculture and livestock, construction and tourism in the country, he said. |
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