{"id":7596,"date":"2015-06-14T12:05:51","date_gmt":"2015-06-14T10:05:51","guid":{"rendered":"https:\/\/blog.iese.edu\/vcpeindex\/?page_id=7596"},"modified":"2023-11-03T22:13:07","modified_gmt":"2023-11-03T20:13:07","slug":"panama","status":"publish","type":"page","link":"https:\/\/blog.iese.edu\/vcpeindex\/panama\/","title":{"rendered":"Panama"},"content":{"rendered":"<p><script src=\"https:\/\/omnipotent.net\/jquery.sparkline\/2.1.2\/jquery.sparkline.min.js\"><\/script><\/p>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"line-height:36px; width:100%;\">\n<tr>\n<td style=\"font-size:32px; font-weight:bold; width:50%;\">Panama<\/td>\n<td style=\"width:50%;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td style=\"font-size:20px;\">Rank: 80 &middot; Score: 38.9<\/td>\n<td style=\"text-align:right;\">&nbsp;<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"line-height:36px; width:100%;\">\n<tr>\n<td style=\"color:#999; font-size:10px; width:36%;\">Basic facts<\/td>\n<td style=\"width:11%;\">&nbsp;<\/td>\n<td style=\"width:6%;\">&nbsp;<\/td>\n<td style=\"width:36%;\">&nbsp;<\/td>\n<td style=\"width:11%;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC;\">Population (millions)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">4.4<\/td>\n<td style=\"\">&nbsp;<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">IPOs and pulic issues (quartile)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">Bottom<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC;\">GDP (US$ billions)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">72.0<\/td>\n<td style=\"\">&nbsp;<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">M&amp;A volume (quartile)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">2nd<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC;\">GDP per capita (US$)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">16,333.4<\/td>\n<td style=\"\">&nbsp;<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Venture capital investments (quartile)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">2nd<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC;\">GDP growth (per cent)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">5.0<\/td>\n<td style=\"\">&nbsp;<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Private equity investments (quartile)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">Bottom<\/td>\n<\/tr>\n<\/table>\n<div style=\"line-height:36px;\">&nbsp;<\/div>\n<div style=\"line-height:18px;\">&nbsp;<\/div>\n<div style=\"border-top:1px solid #ddd; line-height:24px; width:100%;\">&nbsp;<\/div>\n<div style=\"font-size:20px; line-height:36px; text-align:center; width:100%;\">Performance Overview<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width:100%;\">\n<tr>\n<td style=\"color:#999; font-size:10px; line-height:60px; text-align:center; width:6%;\">Indicator<\/td>\n<td style=\"color:#999; font-size:10px; width:51.1%;\">&nbsp;<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Rank \/ 125<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Rank Trend<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Score<\/td>\n<\/tr>\n<tr>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; font-size:16px; font-weight:bold; line-height:60px; padding-left:10px;\" colspan=\"2\">VC\/PE Country Attractiveness Index<\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; font-size:16px; font-weight:bold; text-align:center;\">80<\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; font-size:16px; font-weight:bold; text-align:center;\"><span class=\"inlinesparkline\">48, 45, 44, 46, 45<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; font-size:16px; font-weight:bold; text-align:center;\">38.9<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd1')\">1<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px;\"><a href=\"javascript:toggle('kd1')\">Economic Activity<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">73<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">60, 20, 25, 49, 52<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">70.1<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd1\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">1.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Size of the Economy (GDP)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">73<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">54, 54, 49, 49, 52<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">37.5<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">1.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Expected Real GDP Growth<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">17<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">69, 2, 124, 120, 108<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">112.2<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">1.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Unemployment<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">94<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">55, 42, 4, 23, 31<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">81.8<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd2')\">2<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd2')\">Depth of Capital Market<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">76<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">62, 60, 59, 54, 49<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">28.5<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd2\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">2.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Size and Liquidity of the Stock Market<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">97<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">45, 46, 47, 36, 28<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">33.3<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Total Trading Volume<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">69<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">58, 62, 56, 56, 56<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">62.7<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">IPOs and Public Issuing Activity<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">61<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">72, 65, 63, 64, 64<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">1.0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">M&#038;A Market<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">74<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">60, 63, 61, 57, 51<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">30.4<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Debt and Credit Market<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">31<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">96, 92, 89, 89, 94<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">83.9<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.6<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Bank Non-Performing Loans<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">49<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">71, 90, 89, 82, 76<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">98.6<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd3')\">3<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd3')\">Taxation<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">90<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">19, 36, 39, 36, 35<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">75.3<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd3\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">3.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Tax Incentives and Administrative Burden<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">90<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">19, 36, 39, 36, 35<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">75.3<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd4')\">4<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd4')\">Investor Protection and Corporate Governance<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">81<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">51, 47, 43, 44, 44<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">59.6<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd4\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">4.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Quality of Corporate Governance<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">64<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">63, 62, 59, 61, 61<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">72.1<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">4.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Security of Property Rights<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">88<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">43, 40, 40, 37, 37<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">54.5<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">4.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Quality of Legal Enforcement<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">75<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">52, 49, 49, 50, 50<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">54.0<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd5')\">5<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd5')\">Human and Social Environment<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">95<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">29, 28, 29, 30, 30<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">25.2<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd5\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">5.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Education and Human Capital<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">93<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">33, 32, 32, 32, 32<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">7.0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">5.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Labor Regulations<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">102<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">25, 23, 23, 23, 23<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">53.4<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">5.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Bribing and Corruption<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">88<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">40, 35, 34, 38, 37<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">42.8<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd6')\">6<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd6')\">Entrepreneurial Opportunities<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">93<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">32, 30, 29, 29, 32<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">35.0<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd6\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">6.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Innovation<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">82<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">57, 52, 54, 44, 43<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">27.8<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">6.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Scientific and Technical Journal Articles<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">98<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">29, 29, 28, 26, 27<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">27.8<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">6.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Burdens of Starting and Running a Business<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">46<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">85, 83, 79, 79, 79<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">101.3<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">6.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Simplicity of Closing a Business<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">91<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">32, 34, 34, 34, 34<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">55.3<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">6.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Corporate R&#038;D<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">103<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">21, 22, 21, 22, 22<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">12.3<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><script type=\"text\/javascript\">\nfunction toggle(element) {\ndocument.getElementById(element).style.display = (document.getElementById(element).style.display == \"none\") ? \"\" : \"none\";\n}\n<\/script><br \/>\n<script type=\"text\/javascript\">\n$(function() { $('.inlinesparkline').sparkline('html', {type: 'line', disableHiddenCheck: true, lineColor: '#ff0000', fillColor: false, spotColor: '#ff0000', minSpotColor: false, maxSpotColor: false, highlightSpotColor: false, highlightLineColor: false, disableTooltips: true, height: '10', width: '36', drawNormalOnTop: false }); });\n<\/script><\/p>\n<div style=\"line-height:18px;\">&nbsp;<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"line-height:30px; width:100%;\">\n<tr>\n<td style=\"color:#999; font-size:10px; width:47%;\">Historic performance, 2019-2023<\/td>\n<td style=\"width:6%;\">&nbsp;<\/td>\n<td style=\"color:#999; font-size:10px; width:47%;\">Key driver performance, 2023<\/td>\n<\/tr>\n<\/table>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"\">\n<tr>\n<td style=\"width:6px;\">&nbsp;<\/td>\n<td style=\"\">\n<script src=\"https:\/\/cdn.jsdelivr.net\/npm\/chart.js\"><\/script><br \/>\n<canvas id=\"myChart1\" width=\"400\" height=\"360\"><\/canvas><br \/>\n<script>\nvar ctx1 = document.getElementById('myChart1');\nvar myChart1 = new Chart(ctx1, {\ntype: 'line',\ndata: {\nlabels: ['2019', '2020', '2021', '2022', '2023'],\ndatasets: [{\nlabel: 'VC\/PE Rank',\ndata: [77, 80, 81, 79, 80],\nfill: false,\nbackgroundColor: 'rgba(255, 0, 0, 0.2)',\nborderColor: '#ff0000',\npointBackgroundColor: '#ff0000',\nborderWidth: 3\n}, {\nlabel: 'VC Rank',\ndata: [79, 82, 82, 80, 80],\nfill: false,\nbackgroundColor: 'rgba(102, 102, 102, 0.2)',\nborderColor: '#666666',\npointBackgroundColor: '#666666',\nborderWidth: 3\n}, {\nlabel: 'PE Rank',\ndata: [71, 78, 80, 76, 80],\nfill: false,\nbackgroundColor: 'rgba(153, 153, 153, 0.2)',\nborderColor: '#bbbbbb',\npointBackgroundColor: '#bbbbbb',\nborderWidth: 3\n}]\n},\noptions: {\nscales: { y: { min: 70, max: 90, ticks: { stepSize: 5 }, reverse: true }},\nplugins: { legend: { display: false }}\n}\n});\n<\/script>\n<\/td>\n<td style=\"width:30px;\">&nbsp;<\/td>\n<td style=\"border-right:1px solid #999;\"><\/td>\n<td style=\"width:30px;\">&nbsp;<\/td>\n<td style=\"\">\n<canvas id=\"myChart2\" width=\"400\" height=\"400\"><\/canvas><br \/>\n<script>\nvar ctx2 = document.getElementById('myChart2');\nvar myChart2 = new Chart(ctx2, {\ntype: 'radar',\ndata: {\nlabels: ['1. Economic Activity', [['2. Depth of'], ['Capital Market ']], '3. Taxation', [['4. Investor Protection and'], ['Corporate Governance']], [['5. Human and Social'], ['Environment']], [['6. Entrepreneurial'], ['Opportunities']]],\ndatasets: [{\nlabel: 'Panama',\ndata: [70.1, 28.5, 75.3, 59.6, 25.2, 35.0],\nfill: true,\nbackgroundColor: 'rgba(255, 0, 0, 0.2)',\nborderColor: '#ff0000',\npointBackgroundColor: '#ff0000',\nborderWidth: 3\n}, {\nlabel: 'Latin America',\ndata: [71.3, 34.1, 71.5, 56.0, 27.3, 41.6],\nfill: true,\nbackgroundColor: 'rgba(102, 102, 102, 0.2)',\nborderColor: '#666666',\npointBackgroundColor: '#666666',\nborderWidth: 3 }]},\noptions: {\nscale: { min: 0, max: 125, stepSize: 25 },\nplugins: { legend: { display: false }}\n}\n});\n<\/script>\n<\/td>\n<\/tr>\n<\/table>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"line-height:36px; width:100%;\">\n<tr>\n<td style=\"width:47%;\">\n<table align=\"center\" border=\"0\" cellpadding=\"0\" cellspacing=\"0\">\n<tr>\n<td style=\"width:20px;\">\n<div style=\"background-color:#ff0000; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>VC\/PE Rank<\/td>\n<td style=\"width:20px;\">&nbsp;<\/td>\n<td style=\"width:20px;\">\n<div style=\"background-color:#666; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>VC Rank<\/td>\n<td style=\"width:20px;\">&nbsp;<\/td>\n<td style=\"width:20px;\">\n<div style=\"background-color:#999; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>PE Rank<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<td style=\"width:6%;\"><\/td>\n<td style=\"width:47%;\">\n<table align=\"center\" border=\"0\" cellpadding=\"0\" cellspacing=\"0\">\n<tr>\n<td style=\"width:20px;\">\n<div style=\"background-color:#ff0000; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>Panama<\/td>\n<td style=\"width:20px;\">&nbsp;<\/td>\n<td style=\"width:20px;\">\n<div style=\"background-color:#666; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>Latin America<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<\/table>\n<div style=\"line-height:36px;\">&nbsp;<\/div>\n<div style=\"line-height:18px;\">&nbsp;<\/div>\n<div style=\"border-top:1px solid #ddd; line-height:24px; width:100%;\">&nbsp;<\/div>\n<div style=\"font-size:20px; line-height:36px; text-align:center; width:100%;\">Peer Group Comparison<\/div>\n<div style=\"line-height:18px;\">&nbsp;<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"height:60px; width:100%;\">\n<tr>\n<td style=\"color:#999; padding-left:10px; font-size:10px; width:14.3%;\">Regional Peers<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Economic Activity<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Depth of Capital Market<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Taxation<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Investor Protection and<br \/>Corporate Governance<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Human and Social<br \/>Environment<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Entrepreneurial<br \/>Opportunites<\/td>\n<\/tr>\n<\/table>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width:100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px; width:14.3%;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/peru\/\">Peru<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center; width:14.3%;\">78.8<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">33.0<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">73.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">60.9<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">23.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">44.4<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/argentina\/\">Argentina<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">77.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">30.9<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">28.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">53.8<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">25.8<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">49.7<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/jamaica\/\">Jamaica<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">55.9<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">30.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">76.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">67.6<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">32.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">37.2<\/td>\n<\/tr>\n<tr>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/panama\/\"><span style=\"font-size:16px; font-weight:bold;\">Panama<\/span><\/a><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">70.1<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">28.5<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">75.3<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">59.6<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">25.2<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">35.0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/uruguay\/\">Uruguay<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">68.0<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">14.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">86.7<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">65.9<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">32.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">48.4<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/ecuador\/\">Ecuador<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">75.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">14.6<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">77.8<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">47.6<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">23.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">35.2<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/dominicanrepublic\/\">Dominican Republic<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">73.0<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">12.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">81.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">56.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">25.0<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">24.3<\/td>\n<\/tr>\n<\/table>\n<div style=\"color:#999; font-size:10px; line-height:36px; margin-top:6px;\">Last updated: 4 Nov 2023<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Panama &nbsp; Rank: 80 &middot; Score: 38.9 &nbsp; Basic facts &nbsp; &nbsp; &nbsp; &nbsp; Population (millions) 4.4 &nbsp; IPOs and pulic issues (quartile) Bottom GDP (US$ billions) 72.0 &nbsp; M&amp;A volume (quartile) 2nd GDP per capita (US$) 16,333.4 &nbsp; Venture capital investments (quartile) 2nd GDP growth (per cent) 5.0 &nbsp; Private equity investments (quartile) Bottom [&hellip;]<\/p>\n","protected":false},"author":310,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"page_with_heading.php","meta":{"footnotes":""},"class_list":["post-7596","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"The Venture Capital and Private Equity Country Attractiveness Index tracks the quality of the investment environment and ease of transaction-making in 125 global economies.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/blog.iese.edu\/vcpeindex\/panama\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.1.1\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"The Venture Capital &amp; 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