Archive for April, 2009
Hotel Occupancy Rates in Panama is High
Hotel occupancy rates are steady at 80 to 90% and the government of Panama has asked developers to build more hotels because their simply isn’t enough rooms to accommodate the increase in foreigners and businessmen.
Major hotel names have moved to Panama including Donald Trump, whom has begun building the Trump Ocean Club International Hotel and Casino, and has announced plans in 2009 to build a second project. The Seminole Tribe’s Hard Rock International plans its first Latin American hotel in Panama, and Miami based Nikki Beach Hotels and Resorts has plans to build an oceanfront resort and city tower. “Panama is gaining from tough U.S security rules after September 11, 2001, which makes it more cumbersome for foreigners to obtain U.S visas and cross U.S gateways.” According to the president of Nikki Beach Hotels, “A lot of our international customers refuse to come to the United States now because of the hassles. It’s so much easier to get into other countries.” Jamaica’s all inclusive chain SuperClubs is opening its first Central American resort in Playa Blanca as well. Panama is also becoming more accessible, as of late 2008 Royal Caribbean Cruise Lines made Panama one of its home ports and Dutch airline KLM, now merged with Air France, has resumed direct flights from Amsterdam to Tocumen airport in Panama City in response to increasing demand.
Investment in Panama is Recomended
In recent years, foreign investment in Panama has climbed significantly and Panama has become recognized an international hotspot. Major publications such as Fortune, Newsweek, London Financial times, International living, AARP, and the New York Times have spread word about Panama’s real estate market, tax incentives, low cost of living, and fabulous weather causing international attention from retirees, investors, and vacationers. In 2007 international arrivals in Panama went up 30% to 1.1 million which was the fastest growth in the hemisphere.
The countries real GDP grew 11.2 percent in the same year and 9.5% percent the year after. The IMF forecasts 7.5% growth in 2009, a relatively small change considering nearly everywhere outside of Panama is in global recession. Unemployment in Panama is currently 5.5% percent which is the lowest it’s been in 40 years. Additionally, prior to the 2009 world recession, Panama had averaged 1.5% inflation for twenty years. Although slightly affected because of
global rising food and fuel cost, when visiting Panama you would not even notice there is a recession! In fact, IMF directors commented that Panama’s financial sector has not been negatively affected by the global financial turmoil, noting the ‘remarkable turnaround’ in the non?financial public sector as well; these factors, combined with the strong economic growth, earning the country a BB+ (stable).
Medical Tourism has been Increasing Significantly in Panama
Medical tourism has been increasing significantly as Panama has continued to receive international praise for its quality and affordability of healthcare. Considering its convenient location close to the United States and its American trained doctors, it’s no mystery why Americans are coming to Panama for surgeries that cost on average 40 to 70% less. It’s interesting to note that Panamanians have a very respectable life expectancy rate of 76 years old which is equal to that of most first world countries. Additionally, Panama is recognized as a safe country with a stable democracy around the world. Embassies and consulates of many developed countries are established in Panama ready to serve their citizens. The culmination of such makes Panama an attractive and safe destination for all.
