BRIEFS. BUSINESS

Economic slowdown

Panama's economic growth is expected to decelerate from close to 11 percent in 2007 to 8 percent in 2008, according to Nicolás Ardito Barletta, director of the Centro Nacional de Competitividad (CNC) of the Asociación Panameña de Ejecutivos de Empresa (Apede).

Barletta participated in a conference entitled "The engines behind the Panamanian economy" held yesterday by the firm SAAM Consulting.

According to SAAM and statistics from the Contraloría, the Panamanian gross domestic product (GDP) grew more than 10 percent in 2007. This growth has slowed down in the first part of this year due to factors such as the American mortgage crisis, but it will still remain strong.

Barletta said he is confident that the Panamanian economy will keep going strong because of massive government projects such as the development of the coastal belt and the expansion of the Panama Canal.