An Armchair Quarterback’s thoughts on Panama Mindset

Concerns and worries

According to La Prensa (Sept 17, 2008), the number one issue in the mind of Panamanians, described as their "pain in the head" is inflation.

In a survey of 3,021 responders, 33% had inflation as their number #1 concern.  Though down from 38% in 3 months, it remains the #1 issue. 

The second issue (32.5%) is crime.  That has shot up from 16% 3 months ago. 

All other issues polled, such as poverty, bad economy, unemployment, corruption, and high cost of fuel all under 9% of the results. 
Source: http://prensa.com/t.asp?d=080917p1523246

Economic Growth

According to La Prensa (September 16, 2008) recent growth within the country’s economic sector measured 10.1 percent.  The Panama economy in the first half of year 2008 grew at a rate of 9.5%.  Yet inflation remained at a rate of 9.8%

My thoughts

I’m not an economist, just observing what I see and wondering what that suggests for our ministry in Panama. 

I don’t understand how it’s all tied together with the growth in the construction industry, the speculative housing / condo market (which continues to expand).  Though the local economy is growing, it is may be beginning to face a credit crunch as well. 

Banks are not giving easy credit like they used to.  In fact, those that can’t prove an income of $500 a month will no longer qualify for a card (according to La Prensa last week). 

One February article on consumer debt looks at this item: Panama banks overexposed on consumer loans.  Interest payments in 2007 totaled $2.7 Billion for a country that has only 3.2 million people (July 2007 figure).  That is about $843 per person.  Seems small, but take out those that can’t get credit (I have no idea how to compute that figure) and the number must be a whole lot higher.

What I see on the "Everyman" level is

• a fear of crime (example: La Prensa reported highest rate of car thefts in years),
• the rising cost of food in the grocery store and market, and
• the continued threat of increased bus fares. 
• Taxi fares have already gone up considerably. 

I don’t hear complaints about being in debt.

Yet, I’m not aware of salaries growing similarly to compare with cost of living increases.

Inflation and crime — that is what is on the mind of people as best as I can tell.

Ministry Impact

This suggests to us what fears and anxiety reside in the mind of many.  What can the gospel say to such fears?  What can the Bible say about managing your personal economy (finances) and debt?  How can a person have peace of mind in the midst of such external stressors?  How can a person find the peace of Christ in this?

How can people experience the joy of a full life?  What role does sin play on both a personal level and on a regional level?

These are simply thoughts that run in my mind.