GDP and GDP Per Capita
A comparison of countries is necessary to identify strengths and weaknesses and implement the necessary positive changes. The Gross Domestic Product of Panama is trending for 2022 around 68.50 USD Billion. GDP per capita in 2021 was 12.168.47 (“Panama GDP per capita,” n.d., para. 1). In comparison, “GDP per capita in the United States was 56200.00 USD by the end of 2021” (“United States GDP per capita,” n.d., para. 1). This data was obtained by Trading Economics global macro models and analyst’s expectations.
Quality of Life
In Panama, there is a fairly low cost of living, especially in the real estate sector. Moreover, the country is characterized by a favorable climate for living. Moreover, good government and a small number of people contribute to this factor. Among Latin American countries, Panama is considered one of the safest to live in. In these aspects, the United States of America is similar to the country under study. The difference is a higher standard of living. If specialists compare the indicators of GPD, which is also an indicator of the quality of living standards, thus America is also significantly succeeding in this aspect.
Inflation and Growth Rate
The inflation rate in the country is an indicator of the degree of depreciation of money. So, in Panama, “the average inflation rate in Panama amounted to about -1.55 percent compared to the previous year” (“Panama: Inflation rate from 1986 to 2026”, n.d., para. 1). At the same time, “America’s inflation rate climbs to 7.5%” (Bartash, 2022, para. 1). The main reason for this difference is also the standard of living of the population, and most of the reasons are somehow related to the number and the availability of money for the economy.
The growth rate in Panama is 17%, which is quite low (“GDP growth (annual%) – Panama,” n.d., para. 1). In the United States of America, this indicator is significantly higher and is 0.1% (“U.S. Population,” 2021, para. 1). This indicator indicates the ability to reproduce the country’s population. Therefore, these data show the need to take measures to improve the quality of life in order to motivate people to increase the population. Economic growth in Panama is driven by the expansion of channels, which affects the increase in the country’s exports.
References
Bartash, J. (2022). U.S. inflation rate climbs to 7.5% after another sharp increase in consumer prices. Market Watch. Web.
GDP growth (annual %)-Panama. (n.d.). The World Bank. Web.
Panama GDP per capita. (n.d.). Trading economy. Web.
Panama: Inflation rate from 1986 to 2026. (n.d.). Statista. Web.
Rogers, L. (2021). U.S. population grew 0.1% in 2021, slowest rate since founding of the nation. Census Bureau. Web.
United States GDP per capita. (n.d.). Trading economy. Web.