Panama’s economy is expected to grow this year as the impact from the closure in late 2023 of First Quantum Minerals’ Cobre Panama copper mine fades, and non-mining sectors continue to grow, the International Monetary Fund’s executive board said on Monday.
Panama’s economy is recovering after the Cobre Panama mine, one of the world’s largest open-pit copper deposits, was shut in 2023 following protests from local residents over tax contributions and its environmental impact.
The IMF expects Panama’s economy to grow 4.5% in 2025 and to keep growing 4% yearly through 2030.
As a comparison, the Central American country’s economy grew 2.9% in 2024.
“The economy is recovering from the impact of the Cobre Panama mine closure,” the IMF said in a statement.
It added the country’s economy “is expected to continue its recovery, but the outlook is subject to significant downside…
