Panama's Economy Ignites with World Cup Fever: 'The Red Wave Moves the Economy'

Panama's economy is already feeling the impact of the World Cup, with businesses reporting increased activity weeks before the national team's debut on June 17. Aurelio Barría Pino, president of the Panamanian Chamber of Commerce, Industries, and Agriculture (Cciap), stated that the tournament has effectively begun for the national economy.

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The private sector anticipated, invested, and went out to compete.

Across the country, shops, restaurants, hotels, and advertising firms are embracing the "Red Wave" of fan fervor. "The private sector anticipated, invested, and went out to compete," Barría Pino affirmed, highlighting how businesses are offering football-themed merchandise, special menus, and promotions. He emphasized that the "Red Wave also moves the economy."

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The Red Wave also moves the economy.

While some Panamanians will travel to support the team, the majority will experience the World Cup from home, restaurants, and public spaces. This World Cup marks Panama's second appearance, and the nation's passion for the sport is expected to multiply enthusiasm and demand. Barría Pino noted that behind every flag sold or restaurant filled, there are numerous jobs and economic activities, from production and distribution to hospitality and security.

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The World Cup generates consumption, but also generates opportunities and sustains jobs.

To illustrate the economic impact, Barría Pino referenced data from the 2022 World Cup in Qatar. During November and December of that year, retail sales in Panama reached B/.3.567 billion, a 4.89% increase compared to 2021. Hotel and restaurant revenues soared to B/.368 million, a 35.07% growth. He cautioned against ignoring the power of a global event to drive consumer demand and activate value chains, acknowledging that while not all growth is solely attributable to football, its influence is undeniable. The Cciap recognizes and applauds companies that have prepared, invested, and innovated, demonstrating the private sector's role in economic activity and job creation.

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it would be a mistake to ignore the capacity of a world-class event to bring consumers together, increase demand, and activate entire value chains.