Entrepreneurship in Panama - GEM Global Entrepreneurship Monitor

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</div> </header> <div id="banner" class=" static " ></div> <div id="breadcrumb"> <div class="container"> <div class="container-inner"> <a href="https://www.gemconsortium.org/country-profiles" class="btn btn-primary"> <span class="gemicon gemicon-chevron-left white" aria-hidden="true"></span> Back to Economy Profiles </a> </div> </div> </div> <div id="main" class="country-profile"> <div class="container"> <div class="container-inner"> <div class="profile-inner"> <div class="profile-info"> <div class="profile-info-holder"> <div class="profile-info-left"> <div class="profile-flag pflag-logo"> <img src="https://www.gemconsortium.org/images/svg/flags/PA.svg" alt="Panama" title="Panama"> </div> <h4 class="profile-team-name">Panama</h4> </div> <div class="profile-info-right"> <h6 class="profile-team-institution"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>Region:</strong> LatAm and Caribbean</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p>Classification of economies by geographic region is based on that of the <a data-html="true" target="_blank" href="https://unstats.un.org/unsd/methodology/m49/#geo-regions">United Nations Statistics Division. </a></p> </div> </div> </div> </div> </h6> <h6 class="profile-team-institution"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>High Income</strong></a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p>Based on the income levels set out by the World Economic Forum (WEF) in its Global Competitiveness Report. However, the groupings are slightly different due to the numbers of economies covered. For GEM, the low income group contains both those classified as low income and lower middle by WEF, and the middle income group has those that WEF groups as upper middle. High income is the same for both GEM and WEF.</p> </div> </div> </div> </div> </h6> <h6 class="profile-team-institution"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>Population:</strong> 4.1 million (2018)</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p> Population data is from the <a href="https://data.worldbank.org/indicator/sp.pop.totl" target="_blank">World Bank</a>, except Palestinian Territories <a href="http://worldpopulationreview.com/countries/palestine-population/" target="_blank">World Population Review</a> and Taiwan <a href="https://www.worldometers.info/world-population/taiwan-population/" target="_blank">Worldometers</a> </p> </div> </div> </div> </div> </h6> <h6 class="profile-team-vendor"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>GDP Growth:</strong> 5.3% (2017)</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p> GDP growth data is from the <a href="https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/index.aspx" target="_blank">World Economic Outlook Database</a>, except Palestinian Territories <a href="https://www.worldometers.info/gdp/state-of-palestine-gdp/" target="_blank">Worldometers</a> </p> </div> </div> </div> </div> </h6> <h6 class="profile-team-funders"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>GDP Per Capita:</strong> $15,198 (2017)</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p> GDP per capita data is from the <a href="https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/index.aspx" target="_blank">World Economic Outlook Database</a>, except Palestinian Territories <a href="https://www.worldometers.info/gdp/state-of-palestine-gdp/" target="_blank">Worldometers</a> </p> </div> </div> </div> </div> </h6>   <button type="button" class="btn btn-danger btn-block toggle-profile" data-type="team">Contact</button> <button type="button" class="btn btn-orange btn-block view-profile-reports">View Reports</button> </div> </div> </div> <div class="profile-details">  <div class="nav-tabs-panel" role="tabpanel"> <div class="nav-tabs-holder"> <ul class="nav nav-tabs grid-2" role="tablist"> <li class="active"> <a href="#cp" class="tablist-cp" aria-controls="cp" role="tab" data-toggle="tab" >Economy Profile</a> </li> <li role="presentation" class="" > <a href="#pb" class="tablist-pb" aria-controls="pb" role="tab" data-toggle="tab" >Policy Brief</a> </li> </ul> </div> <div class="tab-content min-height"> <div id="cp" role="tabpanel" class="tab-pane expanded fade active in " > <article > <h2>Entrepreneurial Behaviour and Attitudes</h2> <span class="pushbar">Most recent data: 2023</span> <ul class="color-index clickable" style="display:block;"> <li style="cursor:pointer;" data-trigger="measure"><span style="background:#4b92c3 url('../images/tick.png') center;background-size: 100%;"></span>Panama 2023</li> <li style="cursor:pointer; " data-trigger="Panama 2022"><span style="background:#f5eb05 url('../images/tick.png') center;background-size: 100%;"></span>Panama 2022</li> <li style="cursor:pointer;" data-trigger="marker"><span style="background:#373737 url('../images/tick.png') center;background-size: 100%;"></span>Global Average</li> <li style="cursor:pointer;" data-trigger="Regional Average"><span style="background:#f9830e url('../images/tick.png') center;background-size: 100%;"></span>Regional Average</li> <li style="cursor:pointer;" data-trigger="Income Level Average"><span style="background:#acacac url('../images/tick.png') center;background-size: 100%;"></span>Income Level Average</li> </ul> <div class="data-entry-row"> <h2 class="table-title">Self-Perceptions</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip hidden-xs">Perceived Opportunities Rate</a> <a href="/data/key-indicator/4" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Perceived Opportunities Rate:</span>Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who see good opportunities to start a firm in the area where they live </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/5" class="open-indicator-tooltip hidden-xs">Perceived Capabilities Rate</a> <a href="/data/key-indicator/5" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Perceived Capabilities Rate:</span>Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who believe they have the required skills and knowledge to start a business </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/6" class="open-indicator-tooltip hidden-xs">Fear of Failure Rate*</a> <a href="/data/key-indicator/6" class="open-indicator-tooltip visible-xs">3</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Fear of Failure Rate*:</span>Percentage of the 18–64 population who agree that they see good opportunities but would not start a business for fear it might fail. NOTE: this is a percentage of those seeing good opportunities, and not the total adult population </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/7" class="open-indicator-tooltip hidden-xs">Entrepreneurial Intentions Rate</a> <a href="/data/key-indicator/7" class="open-indicator-tooltip visible-xs">4</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Entrepreneurial Intentions Rate:</span>Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who are latent entrepreneurs and who intend to start a business within three years </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chart"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. Perceived Opportunities Rate</li> <li>2. Perceived Capabilities Rate</li> <li>3. Fear of Failure Rate*</li> <li>4. Entrepreneurial Intentations Rate:</li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Activity</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/1" class="open-indicator-tooltip hidden-xs">Total early-stage Entrepreneurial Activity (TEA)</a> <a href="/data/key-indicator/1" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Total early-stage Entrepreneurial Activity (TEA):</span>Percentage of 18-64 population who are either a nascent entrepreneur or owner-manager of a new business </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/2" class="open-indicator-tooltip hidden-xs">Established Business Ownership Rate</a> <a href="/data/key-indicator/2" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Established Business Ownership Rate:</span>Percentage of 18-64 population who are currently an owner-manager of an established business, i.e., owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than 42 months </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/3" class="open-indicator-tooltip hidden-xs">Entrepreneurial Employee Activity Rate</a> <a href="/data/key-indicator/3" class="open-indicator-tooltip visible-xs">3</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Entrepreneurial Employee Activity Rate:</span>Rate of involvement of employees in entrepreneurial activities, such as developing or launching new goods or services, or setting up a new business unit, a new establishment or subsidiary </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chartone"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. Total early-stage Entrepreneurial Activity (TEA)</li> <li>2. Established Business Ownership Rate</li> <li>3. Entrepreneurial Employee Activity Rate </li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Motivations</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/8" class="open-indicator-tooltip hidden-xs">Motivational Index</a> <a href="/data/key-indicator/8" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Motivational Index:</span>Percentage of those involved in TEA that are improvement-driven opportunity motivated, divided by the percentage of TEA that is necessity-motivated </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="charttwo"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. Motivational Index</li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Gender Equity</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/9" class="open-indicator-tooltip hidden-xs">Female/Male TEA Ratio</a> <a href="/data/key-indicator/9" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Female/Male TEA Ratio:</span>Percentage of female 18-64 population who are either a nascent entrepreneur or owner-manager of a 'new business', divided by the equivalent percentage for their male counterparts </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/10" class="open-indicator-tooltip hidden-xs">Female/Male Opportunity-Driven TEA Ratio</a> <a href="/data/key-indicator/10" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Female/Male Opportunity-Driven TEA Ratio:</span>Percentage of those females involved in TEA who (i) claim to be driven by opportunity as opposed to finding no other option for work; and (ii) who indicate the main driver for being involved in this opportunity is being independent or increasing their income, rather than just maintaining their income, divided by the equivalent percentage for their male counterparts </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chartthree"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. Female/Male TEA Ratio</li> <li>2. Female/Male Opportunity-Driven TEA Ratio</li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Impact</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/11" class="open-indicator-tooltip hidden-xs">High Job Creation Expectation Rate</a> <a href="/data/key-indicator/11" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>High Job Creation Expectation Rate:</span>Percentage of those involved in TEA who expect to create 6 or more jobs in 5 years </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/12" class="open-indicator-tooltip hidden-xs">Innovation Rate</a> <a href="/data/key-indicator/12" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Innovation Rate:</span>Percentage of those involved in TEA who indicate that their product or service is new to at least some customers AND that few/no businesses offer the same product </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/13" class="open-indicator-tooltip hidden-xs">Business Services Sector Rate</a> <a href="/data/key-indicator/13" class="open-indicator-tooltip visible-xs">3</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Business Services Sector Rate:</span>Percentage of those involved in TEA in the 'Business Services' sector - Information and Communication, Financial Intermediation and Real Estate, Professional Services or Administrative Services, as defined by the ISIC 4.0 Business Type Codebook </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chartfour"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. High Job Creation Expectation Rate</li> <li>2. Innovation Rate</li> <li>3. Business Services Sector Rate</li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Societal Values</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/15" class="open-indicator-tooltip hidden-xs">High Status to Successful Entrepreneurs Rate</a> <a href="/data/key-indicator/15" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>High Status to Successful Entrepreneurs Rate:</span>Percentage of 18-64 population who agree with the statement that in their country, successful entrepreneurs receive high status </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/16" class="open-indicator-tooltip hidden-xs">Entrepreneurship as a Good Career Choice Rate</a> <a href="/data/key-indicator/16" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Entrepreneurship as a Good Career Choice Rate:</span>Percentage of 18-64 population who agree with the statement that in their country, most people consider starting a business as a desirable career choice </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chartfive"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. High Status to Successful Entrepreneurs Rate</li> <li>2. Entrepreneurship as a Good Career Choice Rate</li> </ul> </div> </div> <h2 class="spacer">Entrepreneurial Framework Conditions</h2> <span class="spacer">Most recent data: 2023</span> <p>Expert Ratings: 1 = highly insufficient, 5 = highly sufficient</p> </article> <div class="data-tabs-plug-econ"> <div class="tab-pane-holder" role="tabpanel"> <ul class="nav nav-tabs grid-2 hidden-xs" role="tablist"> <li class="active" role="presentation"> <a href="#spider-data" onclick="" aria-controls="table-data" role="tab" data-toggle="tab">Spider</a> </li> <li role="presentation"> <a href="#graphs-data" onclick="" aria-controls="graph-data" role="tab" data-toggle="tab">Bars</a> </li> </ul> <div class="tab-content"> <div id="spider-data" class="tab-pane fade in active subcleardata" role="tabpanel"> <input id="idradardata" name="idradardata" type="hidden" value="96"> <canvas id="radarchart" class="hidden-xs" width="580" height="400"></canvas> </div> <a href="#" class="spider-image" data-toggle="modal" data-target="#exampleModal"> <img src="" id="spiderImage"> </a> <div class="modal fade" id="exampleModal" tabindex="-1" role="dialog" aria-labelledby="exampleModalLabel" aria-hidden="true"> <div class="modal-dialog" role="document"> <div class="modal-content"> <div class="modal-header spider-modal-header"> <button type="button" class="close" data-dismiss="modal" aria-label="Close"> <span aria-hidden="true">×</span> </button> </div> <div class="modal-body"> <img src="" id="spiderModalImage"> </div> <div class="modal-footer"> <button type="button" class="btn btn-secondary" data-dismiss="modal">Close</button> </div> </div> </div> </div> <div id="graphs-data" class="tab-pane fade subcleardata" role="tabpanel"> <div> <ul class="color-index"> <li><span class="colour-one"></span>Panama 2023</li> <li><span class="colour-two"></span>Panama 2022</li> <li><span class="colour-three"></span>Regional Average</li> <li><span class="colour-four"></span>Income Level Average</li> <li><span class="colour-five"></span>Global Average</li> </ul> <ul class="color-index" id="tooltip" style="position:fixed; top:0; left:0; pointer-events: none;"> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-one"></span>Panama 2023</li> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-two"></span>Panama 2022</li> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-three"></span>Regional Average</li> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-four"></span>Income Level Average</li> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-five"></span>Global Average</li> </ul> <svg class="chart"></svg> </div> </div> </div> </div> </div> </div> <div id="pb" role="tabpanel" class="tab-pane expanded fade " > <article> <p><strong>2023 POLICY ROADMAP </strong><br /> Panama’s economy has been recovering strongly since the pandemic-induced GDP contractions, with growth of 5% expected in 2023, down from 11% the previous year. Inflation stood at just under 2%, fuelled by electricity and import costs.</p> <p>In the past year the government introduced legislation (Law 256) covering electronic invoices<br /> to support sales, and implementing the Panama Electronic Invoicing System (SFEP). Meanwhile, the government continues to implement Law 186 of 2020, which established “Sociedades de Emprendimiento” to promote innovation and entrepreneurship.</p> <p><strong>2023 Framework Conditions Review1</strong></p> <p>Apart from a sharp drop during the pandemic, the overall expert assessment of Panama’s entrepreneurial environment, as summed up by the National Entrepreneurial Context Index (NECI), has been fairly stable over the past five years. The score of 4.2 in 2023 was the same as in 2020, although a touch lower than in 2022 (4.3).</p> <p>Between 2022 and 2023 there was little change in Panama’s individual Entrepreneurial Framework Condition (EFC) scores, with six of 13 having increased slightly while another six fell slightly. The largest falls were for Government Entrepreneurial Programs (from 4.8 to 4.1) and for Commercial and Professional Infrastructure (5.4 to 4.6), while the largest increase was for Ease of Entry: Market Dynamics, up from 4.0 to 5.4. Panama sits towards the lower end of Level B for EFCs, with eight of its scores below the group average and just three above.</p> <p>National experts rated Panama a little higher in relation to women entrepreneurs, with a score of<br /> 3.7 for social support for those entrepreneurs, well below sufficient but ranked 22nd of 49 participating economies in 2023. Access to resources compared to male entrepreneurs scored higher at 5.4, 12th among the 49 economies.</p> <p>2023 Entrepreneurial Activity Review</p> <p>Just over a half of adults in the GEM Adult Population Survey (APS) in Panama reported that their household income had fallen in 2023: a high proportion, but well below the more than seven out of 10 of the previous three years.</p> <p>Entrepreneurship has a reasonably high social profile in Panama, with around one in two adults knowing someone who has recently started a business, or seeing good conditions to do so locally. Confidence is high, with three in four adults considering they have the skills and experience to start their own business. However, two in five of those seeing good opportunities would not start a business for fear it might fail, although a similar proportion expect to start their own business in the next three years.</p> <p>Levels of Total early-stage Entrepreneurial Activity (TEA) were high, with 31.1% of adults starting or running their own business in 2023, a share that has been rising steadily over the previous two years (it was 21.8% in 2021 and 27.9% in 2022). Men were slightly more likely than women to be starting businesses. However, the Established Business Ownership rate was just under 5%, implying around six people were starting<br /> or running new businesses for every person owning an established one. This suggests there may be some serious obstacles that prevent new business from enduring long enough to become established.</p> <p>To earn a living because jobs are scarce was the most popular motivation among those starting new businesses, agreed by more than three out of four, although making a difference in the world was also well supported at two in three. The other two motivations were also agreed by more than a half of those starting new businesses, suggesting that new entrepreneurs agreed with multiple motivations.</p> <p>Just 14% of new entrepreneurs had customers beyond Panama, while more than three out of four expected to use more digital technologies in the next six months. A relatively high three in 10 new entrepreneurs expected to employ at least another six people over the next five years, although down from the four in 10 of last year.<br /> <br /> <em>1 A brief description of the GEM approach is given in the footnote on p. 107.</em></p> </article> </div> </div> </div> </div> <div class="profile-team hide"></div> </div> <div class="profile-actions"> <div class="btn-group pull-right">  <button type="button" class="btn btn-default scrollup"> <a href="#">Scroll to the top</a> </button> </div> </div> <div class="profile-reports"> <div class="panel panel-default"> <div class="panel-heading"> <div class="title"> <h3 class="panel-title">Panama Reports</h3> </div> </div> <div class="panel-body half-min-height"> <table class="table table-hover tablesorter"> <thead> <tr> <th colspan="2">Name</th> <th class="th-button-small sorter-false"> <button type="button" class="btn btn-link disabled"> </button> </th> </tr> </thead> <tbody> <tr> <td class="td-tooltip"> <div 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value="Cambodia">Cambodia</option> <option value="Cameroon">Cameroon</option> <option value="Canada">Canada</option> <option value="Cape Verde">Cape Verde</option> <option value="Cayman Islands">Cayman Islands</option> <option value="Central African Republic">Central African Republic</option> <option value="Chad">Chad</option> <option value="Chile">Chile</option> <option value="China">China</option> <option value="Christmas Island">Christmas Island</option> <option value="Cocos (Keeling) Islands">Cocos (Keeling) Islands</option> <option value="Colombia">Colombia</option> <option value="Comoros">Comoros</option> <option value="Congo">Congo</option> <option value="Cook Islands">Cook Islands</option> <option value="Costa Rica">Costa Rica</option> <option value="Cote D'Ivoire">Cote D'Ivoire</option> <option value="Croatia">Croatia</option> <option value="Cuba">Cuba</option> <option value="Curacao">Curacao</option> <option value="Cyprus">Cyprus</option> <option value="Czech Republic">Czech 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Territories">French Southern Territories</option> <option value="Gabon">Gabon</option> <option value="Gambia">Gambia</option> <option value="Georgia">Georgia</option> <option value="Germany">Germany</option> <option value="Ghana">Ghana</option> <option value="Gibraltar">Gibraltar</option> <option value="Greece">Greece</option> <option value="Greenland">Greenland</option> <option value="Grenada">Grenada</option> <option value="Guadeloupe">Guadeloupe</option> <option value="Guam">Guam</option> <option value="Guatemala">Guatemala</option> <option value="Guernsey">Guernsey</option> <option value="Guinea">Guinea</option> <option value="Guinea-Bissau">Guinea-Bissau</option> <option value="Guyana">Guyana</option> <option value="Haiti">Haiti</option> <option value="Heard and Mc Donald Islands">Heard and Mc Donald Islands</option> <option value="Honduras">Honduras</option> <option value="Hong Kong">Hong Kong</option> <option value="Hungary">Hungary</option> <option value="Iceland">Iceland</option> <option value="India">India</option> <option value="Indonesia">Indonesia</option> <option value="Iran">Iran</option> <option value="Iraq">Iraq</option> <option value="Ireland">Ireland</option> <option value="Isle of Man">Isle of Man</option> <option value="Israel">Israel</option> <option value="Italy">Italy</option> <option value="Jamaica">Jamaica</option> <option value="Japan">Japan</option> <option value="Jersey (Channel Islands)">Jersey (Channel Islands)</option> <option value="Jordan">Jordan</option> <option value="Kazakhstan">Kazakhstan</option> <option value="Kenya">Kenya</option> <option value="Kiribati">Kiribati</option> <option value="Kuwait">Kuwait</option> <option value="Kyrgyzstan">Kyrgyzstan</option> <option value="Lao People's Democratic Republic">Lao People's Democratic Republic</option> <option value="Latvia">Latvia</option> <option value="Lebanon">Lebanon</option> <option value="Lesotho">Lesotho</option> <option value="Liberia">Liberia</option> <option value="Libya">Libya</option> <option value="Liechtenstein">Liechtenstein</option> <option value="Lithuania">Lithuania</option> <option value="Luxembourg">Luxembourg</option> <option value="Macau">Macau</option> <option value="Macedonia">Macedonia</option> <option value="Madagascar">Madagascar</option> <option value="Malawi">Malawi</option> <option value="Malaysia">Malaysia</option> <option value="Maldives">Maldives</option> <option value="Mali">Mali</option> <option value="Malta">Malta</option> <option value="Marshall Islands">Marshall Islands</option> <option value="Martinique">Martinique</option> <option value="Mauritania">Mauritania</option> <option value="Mauritius">Mauritius</option> <option value="Mayotte">Mayotte</option> <option value="Mexico">Mexico</option> <option value="Micronesia, Federated States of">Micronesia, Federated States of</option> <option value="Moldova, Republic of">Moldova, Republic of</option> <option value="Monaco">Monaco</option> <option value="Mongolia">Mongolia</option> <option value="Montenegro">Montenegro</option> <option value="Montserrat">Montserrat</option> <option value="Morocco">Morocco</option> <option value="Mozambique">Mozambique</option> <option value="Myanmar">Myanmar</option> <option value="Namibia">Namibia</option> <option value="Nauru">Nauru</option> <option value="Nepal">Nepal</option> <option value="Netherlands">Netherlands</option> <option value="Netherlands Antilles">Netherlands Antilles</option> <option value="New Caledonia">New Caledonia</option> <option value="New Zealand">New Zealand</option> <option value="Nicaragua">Nicaragua</option> <option value="Niger">Niger</option> <option value="Nigeria">Nigeria</option> <option value="Niue">Niue</option> <option value="Norfolk Island">Norfolk Island</option> <option value="North Korea">North Korea</option> <option value="Northern Mariana Islands">Northern Mariana Islands</option> <option value="Norway">Norway</option> <option value="Oman">Oman</option> <option value="Pakistan">Pakistan</option> <option value="Palau">Palau</option> <option value="Palestine">Palestine</option> <option value="Panama">Panama</option> <option value="Papua New Guinea">Papua New Guinea</option> <option value="Paraguay">Paraguay</option> <option value="Peru">Peru</option> <option value="Philippines">Philippines</option> <option value="Pitcairn">Pitcairn</option> <option value="Poland">Poland</option> <option value="Portugal">Portugal</option> <option value="Puerto Rico">Puerto Rico</option> <option value="Qatar">Qatar</option> <option value="Republic of Kosovo">Republic of Kosovo</option> <option value="Reunion">Reunion</option> <option value="Romania">Romania</option> <option value="Russia">Russia</option> <option value="Rwanda">Rwanda</option> <option value="Saint Kitts and Nevis">Saint Kitts and Nevis</option> <option value="Saint Lucia">Saint Lucia</option> <option value="Saint Martin">Saint Martin</option> <option value="Saint Vincent and the Grenadines">Saint Vincent and the Grenadines</option> <option value="Samoa (Independent)">Samoa (Independent)</option> <option value="San Marino">San Marino</option> <option value="Sao Tome and Principe">Sao Tome and Principe</option> <option value="Saudi Arabia">Saudi Arabia</option> <option value="Senegal">Senegal</option> <option value="Serbia">Serbia</option> <option value="Seychelles">Seychelles</option> <option value="Sierra Leone">Sierra Leone</option> <option value="Singapore">Singapore</option> <option value="Sint Maarten">Sint Maarten</option> <option value="Slovakia">Slovakia</option> <option value="Slovenia">Slovenia</option> <option value="Solomon Islands">Solomon Islands</option> <option value="Somalia">Somalia</option> <option value="South Africa">South Africa</option> <option value="South Georgia and the South Sandwich Islands">South Georgia and the South Sandwich Islands</option> <option value="South Korea">South Korea</option> <option value="South Sudan">South Sudan</option> <option value="Spain">Spain</option> <option value="Sri Lanka">Sri Lanka</option> <option value="St. Helena">St. Helena</option> <option value="St. Pierre and Miquelon">St. Pierre and Miquelon</option> <option value="Sudan">Sudan</option> <option value="Suriname">Suriname</option> <option value="Svalbard and Jan Mayen Islands">Svalbard and Jan Mayen Islands</option> <option value="Swaziland">Swaziland</option> <option value="Sweden">Sweden</option> <option value="Switzerland">Switzerland</option> <option value="Syria">Syria</option> <option value="Taiwan">Taiwan</option> <option value="Tajikistan">Tajikistan</option> <option value="Tanzania">Tanzania</option> <option value="Thailand">Thailand</option> <option value="Timor-Leste">Timor-Leste</option> <option value="Togo">Togo</option> <option value="Tokelau">Tokelau</option> <option value="Tonga">Tonga</option> <option value="Trinidad and Tobago">Trinidad and Tobago</option> <option value="Tunisia">Tunisia</option> <option value="Turkey">Turkey</option> <option value="Turkmenistan">Turkmenistan</option> <option value="Turks & Caicos Islands">Turks & Caicos Islands</option> <option value="Turks and Caicos Islands">Turks and Caicos Islands</option> <option value="Tuvalu">Tuvalu</option> <option value="Uganda">Uganda</option> <option value="Ukraine">Ukraine</option> <option value="United Arab Emirates">United Arab Emirates</option> <option value="United Kingdom">United Kingdom</option> <option value="Uruguay">Uruguay</option> <option value="USA Minor Outlying Islands">USA Minor Outlying Islands</option> <option value="Uzbekistan">Uzbekistan</option> <option value="Vanuatu">Vanuatu</option> <option value="Vatican City State (Holy See)">Vatican City State (Holy See)</option> <option value="Venezuela">Venezuela</option> <option value="Vietnam">Vietnam</option> <option value="Virgin Islands (British)">Virgin Islands (British)</option> <option value="Virgin Islands (U.S.)">Virgin Islands (U.S.)</option> <option value="Wallis and Futuna Islands">Wallis and Futuna Islands</option> <option value="Western Sahara">Western Sahara</option> <option value="Yemen">Yemen</option> <option value="Zambia">Zambia</option> <option value="Zimbabwe">Zimbabwe</option> </select> </div> <div class="mc-field-group input-group"> <strong>You are: </strong> <ul><li><input type="radio" value="Academic" name="MMERGE4" id="mce-MMERGE4-0"><label for="mce-MMERGE4-0">Academic</label></li> <li><input type="radio" value="Policymaker" name="MMERGE4" id="mce-MMERGE4-1"><label for="mce-MMERGE4-1">Policymaker</label></li> <li><input type="radio" value="Researcher" name="MMERGE4" id="mce-MMERGE4-2"><label for="mce-MMERGE4-2">Researcher</label></li> <li><input type="radio" value="Entrepreneur" name="MMERGE4" id="mce-MMERGE4-3"><label for="mce-MMERGE4-3">Entrepreneur</label></li> <li><input type="radio" value="Journalist" name="MMERGE4" id="mce-MMERGE4-4"><label for="mce-MMERGE4-4">Journalist</label></li> <li><input type="radio" value="Other (please specify)" name="MMERGE4" id="mce-MMERGE4-5"><label for="mce-MMERGE4-5">Other (please specify)</label></li> </ul> </div> <div class="mc-field-group"> <label for="mce-MMERGE5">Other </label> <input type="text" value="" name="MMERGE5" class="" id="mce-MMERGE5"> </div> <div class="mc-field-group input-group"> <strong>I'm interested in entrepreneurship in: </strong> <ul><li><input type="checkbox" value="2" name="group[24157][2]" id="mce-group[24157]-24157-0"><label for="mce-group[24157]-24157-0">Sub-Saharan Africa</label></li> <li><input type="checkbox" value="4" name="group[24157][4]" id="mce-group[24157]-24157-1"><label for="mce-group[24157]-24157-1">Middle East and North Africa</label></li> <li><input type="checkbox" value="8" name="group[24157][8]" id="mce-group[24157]-24157-2"><label for="mce-group[24157]-24157-2">Central Asia</label></li> <li><input type="checkbox" value="16" name="group[24157][16]" id="mce-group[24157]-24157-3"><label for="mce-group[24157]-24157-3">South and Eastern Asia</label></li> <li><input type="checkbox" value="32" name="group[24157][32]" id="mce-group[24157]-24157-4"><label for="mce-group[24157]-24157-4">Oceania</label></li> <li><input type="checkbox" value="64" name="group[24157][64]" id="mce-group[24157]-24157-5"><label for="mce-group[24157]-24157-5">Europe (EU)</label></li> <li><input type="checkbox" value="128" name="group[24157][128]" id="mce-group[24157]-24157-6"><label for="mce-group[24157]-24157-6">Europe (non-EU)</label></li> <li><input type="checkbox" value="256" name="group[24157][256]" id="mce-group[24157]-24157-7"><label for="mce-group[24157]-24157-7">North America</label></li> <li><input type="checkbox" value="512" name="group[24157][512]" id="mce-group[24157]-24157-8"><label for="mce-group[24157]-24157-8">Latin America and the Caribbean</label></li> </ul> </div> <div id="mce-responses" class="clear"> <div 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Entrepreneurship in Panama - GEM Global Entrepreneurship Monitor