BOOMTOWN: PANAMA CITY MARGARET SUMMERFIELD
went to one of the malls in Panama last Saturday afternoon. Big mistake. It was packed. I picked my way
past the crowds of shoppers filling the walkways. I popped into stores and popped right back out again,
figuring I’d go back another day when it wasn’t so hectic. I wanted to grab a juice, but the lines for service
at the little cafes looked way too long.
It’s my idea of shopping hell. But
it’s also a sign of Panama’s
increasing prosperity. Unemployment is at an all-time low. Salary
levels are up. The middle class is
growing - and spending more.
The mall I visited is expanding. A
second mall in the city has more
than doubled in size since I
moved to Panama five years
ago. A huge new mall between
the city and the airport opened in
late 2009; there’s another new
mega-mall west of the city.
It’s not just malls and shopping. Panama’s on a roll. You’ve probably heard about the mammoth $5.25 billion
project to expand the Panama Canal. Once completed in 2014/2015, the Canal is expected to generate $2 to
$3 billion a year in profit for the government. The government has already approved the creation of a sovereign
wealth fund to save the surplus revenue.
Other big projects underway include a new airport on the coast, airport and port expansions around the country