Panama: Staff Report for the 2015 Article IV Consultation
Backdrop and Outlook. Panama's economic growth is slowing towards its medium-term potential and is expected to remain in the 6-7 percent range over the next 5 years. Inflation has been declining due to lower oil prices and price controls imposed on some food items in July 2014. The external cur...
Gespeichert in:
| Körperschaft: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
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| Schriftenreihe: | IMF Staff Country Reports: Country Report No. 15 / 237
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| Schlagworte: | |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Backdrop and Outlook. Panama's economic growth is slowing towards its medium-term potential and is expected to remain in the 6-7 percent range over the next 5 years. Inflation has been declining due to lower oil prices and price controls imposed on some food items in July 2014. The external current account deficit remains elevated, with foreign direct investment as the main source of financing, but should moderate over time as investment winds down and the corresponding projects start generating exports. Risks. A globally integrated economy brings substantial benefits to Panama, but also makes it vulnerable to external shocks to global growth, trade, and financial markets. However, strong fundamentals and the room to implement a countercyclical fiscal response would mitigate the impact of such external shocks. Delayed reforms to financial transparency are an important risk that could restrict access to global capital and the international payments system. Policy advice. It is essential to finalize the strengthening of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework in order to comply with the international standard. The fiscal framework needs to be strengthened to serve as a solid medium-term anchor. In particular, fiscal buffers should be enhanced to cope with risks and expected or potential liabilities. In parallel, the pension system needs to be reformed, notably to address the large unfunded pension liabilities. Financial sector reforms should be geared towards implementing fully the remaining recommendations of the 2011 Financial Sector Assessment Program (FSAP), including establishing a facility for the provision of temporary liquidity to banks, improving the monitoring of external and systemic risks, upgrading the legislation on non-bank financial intermediaries, and developing further the macroprudential policy framework along with key instruments. Further investment in training, education, and healthcare will raise labor productivity and promote sustained and more inclusive growth |
| Beschreibung: | Description based upon print version of record |
| Beschreibung: | 1 Online-Ressource (64 p) |
| ISBN: | 1513505718 9781513505718 |
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| 520 | 3 | |a Backdrop and Outlook. Panama's economic growth is slowing towards its medium-term potential and is expected to remain in the 6-7 percent range over the next 5 years. Inflation has been declining due to lower oil prices and price controls imposed on some food items in July 2014. The external current account deficit remains elevated, with foreign direct investment as the main source of financing, but should moderate over time as investment winds down and the corresponding projects start generating exports. Risks. A globally integrated economy brings substantial benefits to Panama, but also makes it vulnerable to external shocks to global growth, trade, and financial markets. However, strong fundamentals and the room to implement a countercyclical fiscal response would mitigate the impact of such external shocks. Delayed reforms to financial transparency are an important risk that could restrict access to global capital and the international payments system. Policy advice. | |
| 520 | 3 | |a It is essential to finalize the strengthening of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework in order to comply with the international standard. The fiscal framework needs to be strengthened to serve as a solid medium-term anchor. In particular, fiscal buffers should be enhanced to cope with risks and expected or potential liabilities. In parallel, the pension system needs to be reformed, notably to address the large unfunded pension liabilities. Financial sector reforms should be geared towards implementing fully the remaining recommendations of the 2011 Financial Sector Assessment Program (FSAP), including establishing a facility for the provision of temporary liquidity to banks, improving the monitoring of external and systemic risks, upgrading the legislation on non-bank financial intermediaries, and developing further the macroprudential policy framework along with key instruments. | |
| 520 | 3 | |a Further investment in training, education, and healthcare will raise labor productivity and promote sustained and more inclusive growth | |
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| id | DE-604.BV048355917 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:47Z |
| institution | BVB |
| isbn | 1513505718 9781513505718 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033735185 |
| oclc_num | 1337137693 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (64 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Staff Country Reports: Country Report No. 15 / 237 |
| spelling | International Monetary Fund. Western Hemisphere Dept Verfasser aut Panama Staff Report for the 2015 Article IV Consultation International Monetary Fund. Western Hemisphere Dept Washington, D.C International Monetary Fund 2015 1 Online-Ressource (64 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Country Reports: Country Report No. 15 / 237 Description based upon print version of record Backdrop and Outlook. Panama's economic growth is slowing towards its medium-term potential and is expected to remain in the 6-7 percent range over the next 5 years. Inflation has been declining due to lower oil prices and price controls imposed on some food items in July 2014. The external current account deficit remains elevated, with foreign direct investment as the main source of financing, but should moderate over time as investment winds down and the corresponding projects start generating exports. Risks. A globally integrated economy brings substantial benefits to Panama, but also makes it vulnerable to external shocks to global growth, trade, and financial markets. However, strong fundamentals and the room to implement a countercyclical fiscal response would mitigate the impact of such external shocks. Delayed reforms to financial transparency are an important risk that could restrict access to global capital and the international payments system. Policy advice. It is essential to finalize the strengthening of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework in order to comply with the international standard. The fiscal framework needs to be strengthened to serve as a solid medium-term anchor. In particular, fiscal buffers should be enhanced to cope with risks and expected or potential liabilities. In parallel, the pension system needs to be reformed, notably to address the large unfunded pension liabilities. Financial sector reforms should be geared towards implementing fully the remaining recommendations of the 2011 Financial Sector Assessment Program (FSAP), including establishing a facility for the provision of temporary liquidity to banks, improving the monitoring of external and systemic risks, upgrading the legislation on non-bank financial intermediaries, and developing further the macroprudential policy framework along with key instruments. Further investment in training, education, and healthcare will raise labor productivity and promote sustained and more inclusive growth Online-Ausg Electronic books International Monetary Fund. Western Hemisphere Dept Sonstige oth http://www.elibrary.imf.org/view/IMF002/22784-9781513505718/22784-9781513505718/22784-9781513505718.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Panama Staff Report for the 2015 Article IV Consultation |
| title | Panama Staff Report for the 2015 Article IV Consultation |
| title_auth | Panama Staff Report for the 2015 Article IV Consultation |
| title_exact_search | Panama Staff Report for the 2015 Article IV Consultation |
| title_exact_search_txtP | Panama Staff Report for the 2015 Article IV Consultation |
| title_full | Panama Staff Report for the 2015 Article IV Consultation International Monetary Fund. Western Hemisphere Dept |
| title_fullStr | Panama Staff Report for the 2015 Article IV Consultation International Monetary Fund. Western Hemisphere Dept |
| title_full_unstemmed | Panama Staff Report for the 2015 Article IV Consultation International Monetary Fund. Western Hemisphere Dept |
| title_short | Panama |
| title_sort | panama staff report for the 2015 article iv consultation |
| title_sub | Staff Report for the 2015 Article IV Consultation |
| url | http://www.elibrary.imf.org/view/IMF002/22784-9781513505718/22784-9781513505718/22784-9781513505718.xml |
| work_keys_str_mv | AT internationalmonetaryfundwesternhemispheredept panamastaffreportforthe2015articleivconsultation |