Key View

• At Fitch Solutions, we revised down our Panamanian real GDP growth forecast to 11.2% in 2021, from 12.2% previously, to reflect ongoing public health restrictions that will hamper domestic demand. We forecast 5.8% growth in 2022, meaning that real GDP will not recover from the Covid-19 pandemic until 2023.
• While a steady rebound of

Key View

• Panama’s Covid-19 vaccination drive off to a steady start.
• Panama will continue to invest in healthcare capacity in the near term.
• In the coming years, healthcare spending is likely to continue to be driven by measures to improve cost-efficiency given budget constraints.

Panama’s Covid-19 vaccination drive off to a steady

Key View

• We believe Panama's Mining sector will be among the quickest growth mining markets in 2021, evidenced by a mining industry value growth rate of 44.6% y-o-y.
• We expect an increase in average copper prices alongside substantial growth in copper, gold and silver production from Cobre Panama to underpin mining sector growth in the

Key View

• Expanded list highlights the increasingly challenging environment faced by multinational drugmakers in Latin America.
• We at Fitch Solutions expect a greater number of medicines to be included in Cabamed over the medium term.
• Domestic generic drug firms and patients are the main beneficiaries of the expansion of this list.

Panama’s

Key View

• We believe that the trade war between the US and China will prevent Panama's regionally outperforming economic growth from translating into stronger vehicle sales, as it is so integrated into global trade.
• Although we believe that Panama's economy will outperform the other Latin American countries, we expect the global trade