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Panama to grow 7 percent after Canal expansion

Tuesday, July 1, 2014

Panama’s economy will grow as much as 7 percent annually for the next five years as an expanded Panama Canal lures companies interested in servicing trade between Asia, the U.S. and Europe, incoming Economy and Finance Minister Dulcidio de la Guardia said.

“The canal is like a road and we’re currently adding a third lane to it that is wider and which will allow Panama to further position itself as a logistics hub servicing new trade routes,” De la Guardia said.

Mining, tourism and financial services will be the main drivers of the economy in the future while logistics companies will see a rise in demand once the first ship transits the new set of locks in early 2016, he added.

Source: Bloomberg