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+--- Thread: Panama's prosperity has drawn tens of thousands of job-seekers (/thread-11481.html)
Panama's prosperity has drawn tens of thousands of job-seekers - chairman - 06-19-2013
Panama's prosperity has drawn tens of thousands of job-seekers, mostly from Nicaragua and nearby Colombia, Venezuela and the Dominican Republic. Almost 40,000 such workers have been granted legal status in Panama since 2010 under a government program meant to feed the roaring demand for labor to build projects that include Central America's first subway, a $1.452 billion investment.
Re: Panama's prosperity has drawn tens of thousands of job-seekers - chairman - 06-19-2013
Panama's economy started booming around the time that authorities began the Panama Canal expansion in 2007. By 2010, the annual growth rate rose to around 10 percent, where it's stayed.
The canal expansion generated 30,000 direct jobs and the administration of populist right-leaning President Ricardo Martinelli estimates that the government will have put $16 billion into public works between 2009 and 2014. That amount was $4.4 billion between 2000 and 2004. A 13.5 percent unemployment rate in 2004 dropped to 4.6 percent in 2012, in a workforce of 1.6 million. The poverty rate dropped from 36 percent in 2002 to 26 percent today.
Re: Panama's prosperity has drawn tens of thousands of job-seekers - vest007 - 06-20-2013
This will be a very familiar story. Once the boom turns to bust, the unfortunate foreign workers will be unemployed and the target of xenophobia by the locals. Happened in Greece, Spain, Cyprus.etc. Can happen anywhere!
Re: Panama's prosperity has drawn tens of thousands of job-seekers - ketchim - 06-20-2013
Baseball will be the Unifying force ! 8)