World Youth Day gives Panama a $700 million boost

The Catholic Church's World Youth Day, which features Pope Francis, is expected to provide the economy of Panama with a $700 million boost and add 1.5 percentage points to the nation's GDP, the Economy ministry reports. The event begins today and is to last for a week.

Visitors are expected from 190 countries, with 200,000 registered pilgrims and 50,000 tourists who will be spending in restaurants, shopping malls and other businesses during the event.

Hotel reservations are at about 80 percent, with special offers of $90 to $150 a night.