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Panama’s economic boom imposes responsibility to close gap between rich and poor, President of Panama says

News | 12 June 2012
GENEVA (ILO News) – The President of Panama, Ricardo Martinelli, called on governments and the social partners to convert a "crisis of globalization" into opportunities for economic and social progress.

Referring to the economic and employment situation of Panama, he said that at 10.6 per cent, his country had the highest economic growth rate in the region.

"This boom imposes the responsibility upon us to gradually close the economic and social gap between the rich and the poor," he said.

Panama’s unemployment rate has fallen to 4.5%, the lowest recorded in Panama since 1963. The President also noted, that Panama had “managed to reduce poverty from 36 to 23 per cent in three years."