Marco Fernandez
Former Economic Advisor, Ministry of Planning


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Recent Country Insights

The legislative election and the Mulino inaugural speech: we give the benefit of the doubt with mixed feelings
PANAMA · In Brief · 02 Jul 2024 · 1 response

As anticipated, the ad-hoc coalition that favored the government of José Raúl Mulino won the Presidency of the Assembly with 44 votes by electing Dana Castañeda, a last-minute candidate, supported by Ricardo Martinelli directly and (his) Realizando Metas party as a group. This election confirms M...

Events of July 1: What Should We Anticipate?
PANAMA · In Brief · 26 Jun 2024

Election of the Legislative Assembly's Directive Board Out of the 71 legislators established by the Constitution, only 70 will be present for the election of the directorate of the National Assembly (president, vice presidents, and general secretary). The candidate Zulay Rodríguez, who was defeat...

The economy slowed through April while Mulino builds his team with pro-market figures. We discuss the Mulino-Martinelli relation and its implications. The July election of the new Legislative Directorate is key for reforms.
PANAMA · Report · 14 Jun 2024

First quarter data, as well as data from April, indicate that exports and total investment fell, while consumption and imports increased. The IMAE showed a decrease of 2.1% in March and YoY cumulative growth of 0.04% in the first quarter. We forecast 2% real growth for the remaining quarters and ...

Mulino's cabinet is set, but the composition of the legislative Assembly is in doubt. Fiscal weakness and slow growth are challenges for the next administration.
PANAMA · Report · 31 May 2024 · 2 responses

With less than six weeks to go until the new National Assembly is installed (and 25 days after the general elections on May 5), we still do not know the Assembly's definitive political composition. This uncertainty is mostly due to the strategy by a group of losing candidates and parties from the...

Brief 3: Mulino´s economic team is taking shape with today´s announcement.
PANAMA · In Brief · 16 May 2024

The Minister of Environment (Medio Ambiente) is Juan Carlos Navarro. Although under a different scenario this Ministry would be operating outside the traditional realm of the economic team, the current circumstance is unique due to the issue of Minera Panama (First Quantum). Mulino's position on ...

Brief 2: Felipe Chapman will be the new Minister of Economy and Finance (MEF)
PANAMA · In Brief · 15 May 2024

The first appointments of the economic team of President-elect José Raúl Mulino (JRM) were announced today. Felipe Chapman (56) will be the next Minister of Economy and Finance (MEF). Chapman earned a BA in Economics from Brown University and an MBA from INCAE Business School. He is the president...

Brief 1: the May 5 official results
PANAMA · In Brief · 14 May 2024

The official results gave Mulino the victory in a winner-takes-all contest José Raúl Mulino, 64, was proclaimed president-elect on Thursday, May 9. with 33.4% of the valid votes in an election in which a record 77.6% of registered voters participated. The winning alliance was composed of the Real...

Mulino's triumph and prospects for reforms ahead
PANAMA · In Brief · 06 May 2024 · 2 responses

As we forecast in our previous report, José Raúl Mulino was elected President of the Republic of Panama for the period July 2024 to June 2029. He garnered 34.3% of the vote, nearly ten percentage points ahead of Ricardo Lombana, who might have won if there were a runoff. Mulino, whose electoral s...

José Raúl Mulino could run next week…the Supreme Court hinted yesterday
PANAMA · In Brief · 26 Apr 2024

On April 25, just 10 days before the elections, Supreme Court Justice Olmedo Arrocha, who is handling the case of the unconstitutionality lawsuit against the Electoral Tribunal (TE) decision that allowed José Raúl Mulino to run as a presidential candidate, issued a public statement. In this state...

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