Saturday 25 September 2021

Gap between Rich and Poor in Panama Increases

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Panama City from the Ancon Hill, a 654-foot hill that overlooks the capital city

TODAY PANAMA (Prensa Latina) The unequal distribution of wealth increased in Panama, indicates a recent report issued by the ministry of Economy and Finance (MEF) in December 2016, quoted today by the local media.

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The official report, titled ‘Distribution of Household Income’, said that in 2015 the 10 percent of the richest families of Panama had 37 times more profits than the 10 percent of the poorest families.

The levels of economic inequality exceeded the rates of 2014, when the income of the 10 percent of the wealthiest population exceeded almost 34 times the income earned by 10 percent of the poorest people.

MEF concluded in its socioeconomic assessment that the situation of the unequal distribution of wealth in Panama would be worse without the subsidies granted by the Government to ease the critical situation of the poor, said the newspaper La Estrella.

The Economic Commission for Latin America and the Caribbean (ECLAC) indicated that between 2002 and 2015 the main fortunes of this region increased by an average of 21 percent a year, six times higher than the region’s gross domestic product.

Article originally appeared on Today Panama and is republished here with permission.

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Article originally appeared on Today Panama and is republished here with permission.

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