Panama is the second best economy in Latin America according to the Global Competitiveness Index 2010-2011 published by the World Economic Forum.
Much of this favorable rating hinges on Panama’s sophisticated financial system which rates as number 21 on a global scale. Panama’s International Banking Center places as number seven on the banking solidity category in the GCI index.
This is backed up by the fact that 50% of the revenue of the Central American banking industry corresponds to revenue generated by the Panamanian banking system versus only 42% of the assets according to Fitch Ratings. This report by Fitch Ratings indicates that the Panamanian and Guatemalan banking banking systems have shown the best financial performance and coincidentally these two economies are the ones that have best weathered the recent economic crisis.
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