According to the study, Panama achieved a score of 74.7 out of a maximum of 100, coming in right behind Chile with 81.4.

The next highest countries were Costa Rica (72.9) and Brazil (72.2), and at the bottom of the list were Venezuela (57.1) and Bolivia (55.7).

The index measures several aspects of the participating economies, including infrastructure, stability, health and education.

Compared with the latest ADEN study conducted this past April, Panama recorded a drop in the areas of institutionality (-1.3%) and macroeconomic stability (-3.5), but increased its score in infrastructure (3.0%), health (2.0%) and education (1.3%).

Uruguay showed significant progress, earning the highest score in the categories of institutionality and health.

The results were announced yesterday by Sergio Tertusio, dean of ADEN, and Alejandro Trapé, director of the Institute for Competitiveness.

Both Trapé and Tertusio indicated that, given the context of global instability, a slow-down of economic growth in Panama should not be taken as a bad sign.

In fact, a slower rate of growth could create the benefit of reducing inflationary pressure on prices, which has affected many Panamanians.

Trapé noted that Panama has been successful in creating special zones for development, indicating that the Government of Ecuador is currently seeking to replicate the model of City of Knowledge in that country.

He also pointed out that Panama is heavily dependent on its services sector and that this component is likely to be affected by a drop in global demand; as such, it would be beneficial to attract foreign capital for the primary and secondary sectors of the economy.