Panama, From Third World to First

This short but sweet article tells a bit more about our leader here in Panama. The President is a student of Lee Kuan Yew, leader of Singapore who in the 60's who took that small island republic from third world to first in just a short time. Reading the background of Singapore one can't help but see the similarities between these two small nations. The biggest hurdle in Panama will be the unions and political institutions as pointed out in this article. I find it gratifying that Singapore has a long history of immigration. It has a diverse population of close to 5 million people and 42% of the population in Singapore are foreigners who work and study there. Foreign workers make up 50% of the service sector. This is exactly what must happen in Panama if it is to really move into the first world, and now is the perfect time with the economy growing strong in Panama and high unemployement in most other countries. Timing is perfect to attract the best talent from all over the world.

Martinelli has referred to Singapore's success on several public occasions as his goal for Panama. Can he pull it off? Well, he has made a great start under difficult economic times so I would not bet against him. Singapore took a number of years to accomplish such a feat, so the momentum will have to continue long after Martinelli has left office in four years. In the meantime, enjoy the ride from third world to first.

 

Source: americaeconomia.com
Monday, November 15, 2010

"We do make decisions. That's the difference between corporate governance and political government. If we are wrong, perfect, we go back and go again. "

América Economía interviewed Panamanian President Ricardo Martinelli, revealing the unique personality of the man who is leading a revolution in the country.

"This is not a political government, it is handled with a business vision, something never seen before in the history of Panama, in Latin American or the world," says Martinelli, and defines what that vision means: "build teams, set goals and make decisions."

An investment program of U.S. $ 13,500 million, designed with advice from consultants McKinsey, adds to the investment already underway to expand the Canal, raising more than $ 20,000 million cash flow in an economy that still maintains 33% of its population in poverty. Another milestone Martinelli´s government accomplished is the tax reform, which would have hardly succeeded if the president was not an entrepreneur, "If Martinelli wasn´t a business man, surely would have said that we are going to the left," according to Roberto Alfaro, a former minister and diplomat.

On the other hand, the momentum and speed in which Martinelli wants to change Panama into a modern economy, conflicts with unions and political institutions of the country, but despite this he has maintained high public approval ratings.