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ECONOMY

Panama to grow by 5.1 percent

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The expansion of the Panama Canal is expected to drive growth in 2017. The expansion of the Panama Canal is expected to drive growth in 2017.
The expansion of the Panama Canal is expected to drive growth in 2017. Archivo

Panama will grow 5.1 percent in 2017, according to calculations released yesterday by the International Monetary Fund (IMF).

The forecast is slightly below the 5.8 percent forecast by the Ministry of Economy and Finance.

Following an official visit to the country, the IMF insisted on the need to continue working on fiscal transparency issues.

Meanwhile, the Organization for Economic Cooperation and Development (OECD) has admitted in France that Panama has made progress in its commitment to combat tax evasion.

In fact, it stressed that the country delivered its instrument of ratification of the Convention on Mutual Administrative Assistance in Tax Matters yesterday, underlining its commitment to fight against tax evasion. The country has also promised to adopt the common reporting standards promoted by the agency, something that even some OECD countries, most notably the United States, has failed to do. 

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