Panamanian economy will keep growing

NEW YORK. The economy of Bolivia, Panama and Peru will keep growing in 2009 despite the global economic crisis, says a World Bank official.

Compared with the United States, Europe and Japan, the economy of the Latin American region is more stable as it has adopted appropriate protection measures, Oscar Avalle told the La Razon newspaper.

"The deficits of last year do not exist now. It appears that we could teach the world a lesson about how to handle a crisis," Avalle said.

According to Avalle, the crisis has triggered a reform in the country's role in market.

He also praised the World Bank for its support to the National Development Plan of the Bolivian government.

Meanwhile in Panama, President Ricardo Martinelli has ambitious plans to revitalize the economy and is doing everything in his power to attract multinationals to the country such as Procter & Gamble.

He is also has several projects in place to encourage local industries to expand and start manufacturing products, instead of continuing with the traditional service industries.