Panama´s Economy Posts Good First-Quarter Growth Numbers

With the help of the nation´s travel industry, the Panamanian economy climbed 9 percent in the first quarter of 2005, compared to the same period of time a year ago, President Martin Torrijos said this week.

However, the results are drawing fire from some critics who rush to point out that poor job creation and the soaring prices of staples and commodities are staining the government´s prospects.

According to independent figures provided to Caribbean News Digital, unemployment rose in double digits, pushing the number of jobless people to 100,000 Panamanians.

For President Torrijos, however, the economy is faring well, based on hiking crop exports, the advance of the travel industry and the building of new houses.

The Colon Free Trade Zone, in the Atlantic Ocean, and the revenues raked in by the Canal Zone continue to be the country´s two powerhouses.