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RESIDENTIAL TOURISM WANTS TO REVOLUTIONIZE PANAMA

By Marianela Palacios, La Prensa News, June 2005

BOOM. PROGRAMMED INVESTMENTS IN 2005–2018 TO REACH US$9,890 MILLION.

Zero unemployment. It’s not a dream. It’s not a goal. It’s the reality in Boquete, a small Chiriqui Province district that only five years ago lived from agriculture and that actually, thanks to the multimillion dollars investments in residential tourism, has turned to an attractive tourist destination for foreign retirees – above all to the U.S. Baby Boomers – supplying close to US$200 million to the national economy in 2004.

"There has been full employment in Boquete the last two years. It’s the only place in Panama where this happens. The demand for workers is so high that the entire economically active population is employed and to cover the demand, workers have to be brought from nearby towns such as Dolega and Caldera. This is the reason why salaries have increased approximately 20%”, said economist Ruben Lachman Varela, representative of Intracorp.

Intracorp developed a model that allows the measurement of the economic impact of investments or productive activities. With this model, not only has Intracorp analyzed the effect that the widening of the Panama canal locks will have in the country’s development – a research that was delivered to the Panama Canal Administrator’s office in February – but also the effect that residential tourism projects will have between 2005 and 2018 in the areas of Chiriquí, Bocas del Toro, Panamá province, Colón and the Azuero peninsula.