The construction sector currently represents 15% of the national Gross Domestic Product (GDP), and a growth of 3% is projected by 2025, as announced by the president of the Panamanian Chamber of Construction (Capac), Alejandro Ferrer.
During the presentation of an economic analysis of the sector in the first half of 2024, Ferrer highlighted a positive outlook for the industry, and commented that construction despite the challenges it faces, the modifications in industry incentives implemented by the government, which has been in power for more than 100 days, are seen as an opportunity to adapt and recover lost ground.
“This is positive insofar as we remain one of the most important sectors of the Panamanian economy,” Ferrer said.
As for the prospects for 2025, Ferrer stressed that next year will be key, since the government will have the opportunity to execute the budget prepared for this period.
“We hope that, with the budget in execution, payment times to State suppliers will be improved and that the investment phase of this budget will be promoted, which is essential for the economic growth of the country,” added the president of Capac.
Despite the positive aspects, Ferrer also pointed out several challenges facing the sector, such as the need to improve efficiency in procedures and permits, as well as the implementation of new technologies to adapt construction systems to current demands.
In addition, he stressed the importance of increasing the training of the workforce and generating more formal jobs in an economic context that requires greater labor inclusion.
“We have great opportunities to move forward, but also important challenges. It is crucial that the industry is more efficient and that we continue to innovate to stay competitive,” Ferrer concluded.
,DEVELOPERS, CAN BUILD HUNDREDS, THOUSANDS, OF BUILDINGS WITHOUT ANY REQUIREMENTS FOR INFRASTRUCTURE OR ENVIRNMENTAL CONCERNS.
CONSEQUENCES?