Still Set To Outperform But Risks Remain

Panama's impressive Q211 real GDP growth of 11.4% y-o-y, up from 9.7% y-o-y in Q111, has prompted us to revise our 2011 real GDP growth forecast to 8.3%, from 6.3% previously. However, growing global headwinds and domestic political tensions mean we are sticking to our 2012 real GDP growth forecast of 6.8%.

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