Josh & Mona
I had occasion to be in Panama recently at a real estate investment conference. One evening while Cathy and I were having dinner on a downtown patio we noticed a young non-Spanish couple at the next table. Josh was from Toronto and Mona from Norway. They had seen many parts of the world already at the ripe old age of 23, and we proceeded to strike up a conversation on their plans for success in life.
Finding these two kids here in the heart of Central America was of course no surprise to us. Many people are still in the habit of labeling such countries as ‘emerging markets’ but believe me Panama has ‘emerged’. It is both a financial and telecommunications hub for the entire region. Just in the area immediately surrounding our hotel there were 11 buildings under construction, all in excess of 50 stories. In order to observe some consumer activity we took a short cab ride to one of their new shopping malls. It resembled the latest that Canada would have to offer. On the way I counted 15 cement trucks still pouring at various sites at seven o’clock on Saturday night.
One of the factors that make all of this growth possible is the large number of young people living there. And they plan to continue living there. This demographic is in stark contrast to most of the developed world where our primary focus seems to be on retirement. No it was not an accident that we encountered our new young friends seeking their fortune in Panama instead of Kingston.
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