Shifting gears in Panama: Policy recommendations for sustainable and inclusive growth
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1 Center for International Development at Harvard University Shifting gears in Panama: Policy recommendations for sustainable and inclusive growth Miguel Angel
2 2
3 Panama: One of the top-ten fastest growing economies Income per capita Transfer of sovereignty over the Canal 3
4 Growth has been accompanied by a significant reduction in poverty and inequality Evolución de la pobreza y desigualdad Tasa de pobreza (%) Indice Gini Year Tasa de Pobreza (US$1.9 al dia) Indice Gini Fuente: World Development Indicators, Banco Mundial 4
5 In spite of that, Panama remains among the most unequal countries in the world Gini coefficient (2013) GINI Index, year PAN GDP per capita (logs) Source: own calculations based on WDI (World Bank) 5
6 Growth has been spurred by the development of a service sector that demanded non-residential construction Weighted Contribution to Growth (CAGR * Ave Weight in GDP) Wholesale, Retail and Repair Transport and communications Financial intermediation Non-residential construction has been growing at a CAGR of 20.25% for a decade, that is equivalent to duplicating the stock of structures every four years 6
7 In terms of exports, the real driver behind Panama s astonishing success is the development of an exportable service sector Export of services per capita (US$ million) 7
8 The bulk of the growth in services was registered by Transport- Logistics, Travel, and - more recently - business services 8
9 By 2015 construction accounted for 25.6% of GDP, although most of the growth occurred in the non-residential sector Hogares con personas empleadas Composición del PIB Pesca Educación privada Servicios sociales y salud privada Minería Otros servicios sociales Agricultura Restaurantes y hoteles Servicios públicos Manufactura Intermediación financiera Bienes raíces Construcción residencial 5.0% 3.3% 3.7% 9.7% 5.5% 9.1% 8.6% 18.3% 6.6% 2.6% 3.1% 4.4% 6.2% 6.3% 6.8% 8.6% 16.4% 17.0% Transporte y comunicaciones Construcción NR Comercio al mayor y detal 21.0% 20.2% Source: INEC, IMF. Excludes Oher non-marketable production. 11
10 What are the most important restrictions to sustainable and inclusive growth? 12
11 1) Non-residential construction cannot grow indefinitely at a faster pace than the rest of economy and has started to decelerate Change in total number of construction permits Variation of construction permits: Residential vs. non-residential Variation in production of ready-mixed concrete Variation in production of cement 13
12 2) Human capital: Panama embarked on a high-skill growth strategy, based on the competitiveness of its service tradable sector Economic Complexity by Industry 14
13 2) Human capital: Panama embarked on a high-skilled growth strategy, based on the competitiveness of its service tradable sector 15
14 2) Human capital: Panama embarked on a high-skilled growth strategy, based on the competitiveness of its service tradable sector Economic Complexity, qualified labor and share of employment (2010) 16
15 The Panamanian governments has made significant efforts to improve the coverage of education Distribución de trabajadores por nivel de escolaridad (% de la fuerza de trabajo, año 2012) Al menos Primaria Al menos Secundaria Al menos Terciaria *Fuerza de trabajo incluye a empleados y desempleados Fuente: Cálculos propios basados en World Developmnet Indicators, Banco Mundial 17
16 but it terms of quality there is still a significant gap OECD (496) Uruguay (427) Chile (421) Argentina (388) Brazil (386) Mexico (419) Peru (365) Panama (360) Colombia (381) Top performers in mathematics, PISA 2009 Percentage of students reaching the two highest levels of proficiency Level 5 Level 6 OECD (501) Uruguay (427) Chile (447) Argentina (401) Brazil (405) Mexico (416) Peru (369) Panama (376) Colombia (402) Top performers in science, PISA 2009 Percentage of students reaching the two highest levels of proficiency Level 5 Level 6 18
17 Panama: Headquarters Law (Law 44) Has attracted 117 multinational regional headquarters 19
18 Special Economic Zones: Import-Export, Industrial Park, Technology Park Special Economic Zones Panama-Pacifico Industrial Park (2007) Ciudad del Saber Technology Park (2000) Import-Export Colon Free Zone (1948) Characteristics 251 companies (41% multinational) 2,305 jobs Master plan: 1,000,000 sq.mts 40,000 jobs 75 SMEs 1,290 direct jobs Focus: innovation and technology Oldest in the world Largest in LATAM 2 nd worldwide 2,527 companies 29,786 jobs Tax exemptions Income tax Dividend tax Import-Export tax Sales tax Remittances tax Commercial license Patent & ITBMX tax Import tax Remittances tax ITBMS tax Income tax Import-Export tax Sales tax Immigration incentives Special Visa for: Investors Workers Dependents Allowed to hire >10% immigrants Special Visa for: Workers Allowed to hire >10% immigrants Allowed to hire >10% immigrants Other Labor regime: Overtime rate (25%) Days-off rate (50%) Flexibility to operate Sundays & holidays Special Custom Reg. One-stop shop 20
19 Four facts about immigrants in Panama 1. There are scarce (they are expensive) 2. Immigrants are over-represented in high-skill occupations 3. Immigrants tend to work in the more complex industries 4. Immigrants tend to raise the salaries of Panamanian workers within their industry-district 21
20 1) A sign of skill scarcity: Wage premiums to foreign workers are very high on average(50%), and positive for all industries and occupations Wage premiums to foreigners (2010) 22
21 2) Immigrants are over-represented in high-skill occupations Immigrants by type of occupation Directores y gerentes de los sectores publico/privado 2.6 Trabajadores de los servicios y vendedores de comercios y mercados 1.6 Tecnicos y profesionales de nivel medio Profesionales, cientificos e intelectuales Over-representation of immigrants Artesanos y trabajadores de la mineria Trabajadores no calificados Under-representation of immigrants Empleados de oficina Operadores de instalaciones fijas y maquinas Agricultores y trabajadores agropecuari (% of immigrants in occupation / % of immigrants in workers) Fuente: Cálculos propios basados en Censo Poblacional,
22 3) Immigrants tend to work in the more complex industries Complexity Complejidad at industry industrial level and vs. Inmigrantes immigrants with universitarios college degree Economic Complexity at the industry level Indice de complejidad economica Industria Porcentaje de inmigrantes con al menos titulo universitario, % Share of immigrants with college degrees (%) 24
23 4) Immigrants tend to raise the salaries of Panamanian workers within their industry-district Immigrants flows and Panamanian wages 20% Change in wages of Panamanian workers associated to an increase of 10 pp in the stock of immigrants 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Fuerza Total Panamanian laboral panameños labor force Panameños Low-skilled de baja Panamanian calificación workers Panameños High-skilled de alta Panamanian calificación workers 25
24 Panama wants to be Singapore or Hong Kong: they need to attract and retain a large number of foreigners demanded by their high-skill specialization strategy 26
25 The strategy of attracting multinationals raised the skill bar and allowed Panama to develop a modern service sector, but many restrictions prevent knowhow and productivity to spillover to the rest of the economy RESTRICTIONS TO FOREIGNERS ALREADY LIVING IN PANAMA Hefty fees for visa renewals (US$ per year) Years spent on SZEs do not count for residence purposes Special work visas granted to foreigners in MNCs and SEZ cease as they stop working in the company that sponsored them Dependents of expatriates and other foreigners ( friendly countries ) not allowed to work Firms threatened to be expulsed from City of Knowledge and visas of their workers ceased if they stop innovating and move on to the commercial phase of the business RESTRICTIONS TO POTENTIAL IMMIGRANTS There is a list of 27 occupations that are legally restricted to immigrants, including all type of engineers, dentists, agriculture scientists, architects, doctors, economists, lawyers, chemists, and educators in the areas of history and geography There is a list of restrcited citizenships comprising 50 countries from Asia and Africa, that need a special bureaucxratic process authopriozed visa to enter Panama Albania, Bangladesh, China (exception made via SEM Law), India, Indonesia, Lebanon, Pakistan, Sri Lanka 27
26 Policy recommendations for keeping growth momentum in Panama and make growth more inclusive National Development Plan Guidelines Attract and retain highskill human capital and know-how Maximize spillovers and knowledge diffusion Reduce transaction costs to qualified immigrants Revises and gradually phase out list of restricted professions Revise relevance of restricted citizenships subject to authorized visas Grant working visas to highly qualified dependents Prevent knowledge from being locked into MNCs and SEZ Ease residence requirements for expatriates in MNCs and SEZs Create a minimum training requirements in MNCs receiving tax benefits Extend length of visas across the board Promote growth diversification in the Panamanian province Make growth inclusive Create a public-private investment agency responsible for evaluating industry potential in the provinces, contacting the right partners, solve the most binding constraints and monitor progress Leverage existing knowledge within Panamanian provinces and look at expanding to higher-value added industries that use similar knowledge 28
27 El espacio de industrias de Panamá: Una representación grafica de las oportunidades de diversificación a nivel provincial (Chiriquí) Fabricación de partes y piezas carpintería Fabricación de vidrio Forja, prensado y laminado de metal Terminación y acondicionamiento edificios Blue nodes: Current comparative advantages Red nodes: Opportunities for diversification 29
28 El espacio de industrias de Panamá: Una representación grafica de las oportunidades de diversificación a nivel provincial (Colón) Comunicaciones y transporte vía aérea Elaboración aceites, grasas, jabones, bebidas y lácteos Blue nodes: Current comparative advantages Red nodes: Opportunities for diversification 30
29 El espacio de industrias de Panamá: Una representación grafica de las oportunidades de diversificación a nivel provincial (Darién) Venta al por mayor de alimentos, bebidas y tabaco. Productos lácteos Elaboración de bebidas malteadas y malta Blue nodes: Current comparative advantages Red nodes: Opportunities for diversification 31
30 THANKS! 32
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