This Sunday, Panama holds a key presidential election with José Raúl Mulino, linked to ex-president Ricardo Martinelli, as the frontrunner.
He pledges to tackle migration issues, fight drug trafficking, and rejuvenate Panama’s faltering economy.
In the early 2000s, Panama enjoyed economic prosperity, ranking among the most profitable emerging markets.
The country boasted high growth rates akin to those in Asia, positioning it just behind Uruguay in Latin American GDP per capita rankings.
However, the nation now faces only a 2.5% growth projection for this year, which would mark its lowest since 2009, excluding pandemic years.
Mulino, a seasoned 64-year-old lawyer, found himself in the spotlight after Martinelli withdrew from the race amid legal troubles.
He aims to channel investments into infrastructure like ports and roads while ensuring fiscal stability.
Despite current economic challenges, including mass protests, downgraded credit ratings, and significant environmental issues affecting the Panama Canal, Mulino’s leadership promises a turnaround.
He leads the polls with 37.6%, outpacing his closest rival, former president Martín Torrijos, who has secured only 16.4%.
The election will be decided in a single round, adding weight to every vote cast.
Panama Election: Mulino Steps Up
Panama’s recent economic struggles are compounded by external pressures. The closure of a major copper mine, once contributing 5% to the GDP, has hit the economy hard.
The Supreme Court’s ruling against the mine’s contract has spurred calls for its renegotiation.
Investors remain hopeful that Mulino can reopen this vital asset. Moreover, Mulino’s commitment extends to security and immigration reforms.
He plans to secure the dense jungle route from Colombia, heavily trafficked by migrants mainly from Venezuela.
As Panama prepares to elect not only a new president but also congress and regional mayors, the outcome will significantly shape its future.
Polls open early at 7 AM and will close at 4 PM, with results anticipated by nightfall.
This election stands as a crucial juncture, potentially steering Panama back to its former economic strength and addressing pressing social issues.