The protests decimate the optimism of Panamanians in their economic future

The protests decimate the optimism of Panamanians in their economic future

The social protests last July against the high cost of living decimated the optimism of Panamanians in the future of the country’s economy and consumer confidence fell to 76 points, according to a periodic survey presented on Tuesday.

In the study of the Panamanian Consumer Confidence Index (ICCP), presented by the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) in strategic alliance with The Marketing Group, 100 represents the balance point.

The index stood at 76 points last July, with a drop of 11 units compared to the previous measurement, in May (87 points), which “is the product of the nationwide demonstrations and closures that took place” during that month, said the general manager of The Marketing Group, Domingo Barrios.

The ICCP National Survey is a measure of consumer confidence that aims to shed light on their perception of the current and future economic situation of the country, as well as on the living conditions of citizens.

Thus, on the expectations of saving, the inhabitants of Panama deepened their mistrust, with a result of 42 points last July compared to 51 in the previous mediation.

Pessimism regarding finding a job was also reinforced, with an index that stood at 70 points, 9 less than in the May measurement.

46% of respondents believe it is unlikely to get a job in the next 12 months and 43% believe they will not have a job, while 8% think it is quite likely they will have a job and 3% think it is very likely.

There are worse consumer expectations about the economic situation of households, since the survey scored 96 points, that is, 13 points less when compared to May 2022.

The indicator on the prospects for the country’s general economic situation for the next 12 months scored 96 points, 11 less than last May, which indicates an increase in the level of mistrust.

The study was based on 700 telephone interviews conducted between July 4 and 13, with a sampling error margin of +/-3.7% and a confidence level of 95%.

At the beginning of last July, the Panamanian public education teachers’ union began a strike against the cost of living. These demonstrations were progressively joined by unions, other unions, indigenous organizations and civil society, making them the most intense in decades.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.