Bursts of Economic Growth in Panama Have Yet to Banish Old Ghosts

While Panama has one of the highest per capita income levels in the developing world, about a third of the population lives in poverty, according to United Nations figures. Dilapidated neighborhoods brush up against the glittering new ones.       
Still, people like Mireya Franklin, 32, a secretary in one of the new banking towers, cannot help but marvel at the transformation, with new shopping malls, cafes and nightclubs.       

Still, people like Mireya Franklin, 32, a secretary in one of the new banking towers, cannot help but marvel at the transformation, with new shopping malls, cafes and nightclubs.       
“I would not say it is like Miami now,” she said, strolling along the bayfront avenue. “But we feel like we have a piece of that here.”       
Most analysts believe the roaring, diversified economy will continue for the time being, buttressed by the canal expansion and development on former American-owned land along it as well as public works. Some slowing is expected in 2012 because of global economic woes. Even so, gross domestic product growth is expected to exceed 8.5 percent this year, with some forecasts even higher.