Panama Faces Economic Uncertainty as Mine Closure Clouds Growth Forecast
• Panama considering cutting 2024 GDP growth forecast from 5% to 1-2% due to mine closure
• Supreme court ruled contract with First Quantum's Cobre Panama mine unconstitutional, accounts for 5% of GDP
• Mine closure prompted by protests since October against contract terms seen as too generous
• First Quantum initiated arbitration against Panama, potential $50B payout could be 70% of GDP
• Panama assuring ratings agencies it still has sound legal framework for foreign investors