Welcome to the Panama Weekly News Roundup! Here’s the latest.
Danilo Pérez Builds a Magnet for Musicians in Panama.
Panama may not be known for its Jazz, but don’t tell that to Danilo Pérez. While Panama’s nightclub and dance music scene has taken center stage, Pérez has quietly made his gorgeous Casco Viejo club into a hot spot for music and culture. He’s Panamanian, he’s world traveled, and he’s leading the charge for Jazz music as a tool for learning about culture and history for his students and fans.
Even in jazz, which has a long tradition of mentorship, Mr. Pérez, 49, has emerged as a singular figure. Nearly 30 years after he left his native Panama to study jazz composition at Berklee, he has made promoting musicianship in Panama — using music as a springboard, cultural unifier and teaching tool — his life’s work. In 2005, a year after he started the jazz festival with his family, he created the Danilo Pérez Foundation, a nonprofit center for music education and outreach; the festival, which draws as many as 30,000 people over its six-day run each January, provides money for the foundation. The club, which opened last February at the new American Trade Hotel, a luxe outpost of the Ace Hotel chain, is, in his view, the last piece of the puzzle.
Source: The New York Times
Why Panama Is Still A Top Retire Overseas Choice More Than 15 Years Later
Panama has long been on the map as an ideal retirement destination for North Americans, and that reputation still lives strong today. In the Huffington Post last week, American expat Kathleen Peddicord wrote a great article on why Panama has not only kept its reputation, but improved on it as an overseas retirement destination, and why.
One reason could be because Panama’s economy has weathered the storm of the past seven years much better than most and stands today as the fastest growing not only in the region but in the hemisphere. This is important not only for the would-be investor but for the prospective retiree to this country, too.
In 2008, many began calling for the collapse of Panama’s property markets. I didn’t agree. I predicted that real estate values in this country, specifically in Panama City, would soften…fall a bit…but not collapse. I took this position with confidence recognizing that Panama’s property markets are not fully dependent on U.S. buying pools. Post-2008, U.S. buyers were thin on the ground in Panama, as they were elsewhere in this region. However, unlike elsewhere in this region, Panama continued to attract other buyers, from Venezuela, El Salvador, Honduras, Colombia, etc.
Source: Huffington Post
Panama aims to slash budget deficit by 2019
This past week, the Panamanian government came up with a draft that aimed to make major cuts in the budget deficit over the next 5 years. The aim is to cut its budget deficit to 0.5 percent of gross domestic product (GDP) by 2019 from 4.1 percent of GDP last year, according to a draft of the government’s forward-looking economic projections.
The document, seen by Reuters on Tuesday, showed that the government of the Central American nation aimed to cut public debt to some 33.8 percent of GDP by 2019 from around 40 percent at present.
The draft also showed that the government plans investment of about $19.5 billion from 2014 to 2019, with $10 billion of that sum earmarked for social spending.
Source: Bloomberg
5 Things to do in Panama During Carnaval
Carnaval is right around the corner again, and Panama is preparing for the biggest celebration of the year. In about three weeks, the country will come to a complete halt to celebrate this great national party. In our latest blog post, we list 5 of the best things to do during Carnaval, and why each may be a good fit for you.
Carnaval is a traditional celebration that marks the beginning of the holy week holidays each spring. It’s also a huge tourist draw, and Panama’s biggest celebrations generate millions of dollars in added revenue from both foreign tourists and locals. It’s a pretty intense party nationwide, comprising of parades, concerts, street foods, dancing, and elaborate costumes. There are so many things to do in Panama during Carnaval, it’s nearly impossible to do all of them in one year. But there’s something for everyone, if you know how to find it. Here are 5 fun things to do:
Read more about Carnival in Panama
