Panama's economy slows down
Remember how all these "economists" and real estate promoters were predicting that Panama would continue to show strong economic growth in 2009, the highest in Latin America and how we would be totally immune to the fall-out of the credit crisis?
Well, it was all bullshit of course.
Economic growth fell spectacularly from 10.7% in 2008 to just 2.4% in 2009. These so-called "analysts" were off in their predictions by about 100%. Don't believe them ever again!
And here's the killer: The highest economic growth in Latin America in 2009 was in left-wing axis-of-evil country Bolivia, with 3.7%. The country also has low inflation, record savings and even a property boom going on. Panama, on the other hand, is witnessing the collapse of the property bubble, Canal transits are going down and the Martinelli government is scrambling for money to pay for basic services. Yeah, I know, it hurts when socialists turn out to be actually better at running a country.
Man I thought I would never see that stinkin’ bus with that Demi Moore graphic on the back. That was during the 90’s when it backed up into my little Toyota Tercel. That damned junk is still belching out smoke and running folks down.