The LBC report says: Panama will grow more than any other country in Latin America over the 2011 to 2015 period. With a projected average growth of 6.6% over five years, Panama will likely beat the Latin America average of 4%. Forecasters say Panama’s GDP should grow approximately 6.2% in 2011, rising to 6.7% in 2012.

The index, which takes into account the latest forecasts from the International Monetary Fund (IMF), lists the Dominican Republic and Peru in the number two and number three spots, respectively. Meanwhile, the U.S. and the European Union rank below Latin America’s average, with projected growth rates of 2.7% and 2%, respectively.

It is perhaps not surprising that the LBC says Venezuela will see the lowest growth in the 2011 to 2015 period, with an average of 1.1% GDP growth over the next five years. According to the index, this year Venezuela will actually experience a decline of just over 1%, growing a mere 0.5% in 2012. Ecuador and Guatemala ranked as the second-worst and third-worst, respectively, with projected five-year growth of just 2.1% and 3.1% on average.

This year Panama has topped a plethora of indexes, ranking number two in International Living’s Retirement Index. Released in the September issue of International Living magazine, the Retirement Index ranks Panama the number one country in the world in its “special benefits for retirees” category. Forbes concurs, apparently, as it listed Panama among its “Top 12 Retirement Havens” this year, as well (havens were not listed in any particular order).

Best of 2010: Panama Highlights

Watchdog organization Freedom House ranked Panama one of the “freest” countries in Latin America. The independent organization’s annual “Freedom in the World” report rates countries on a scale of 1-7. Panama’s combined political rights and civil freedom score is 1.5, representing a high level of freedom. (In the report, 1 represents the highest level of liberty and 7 represents the lowest).

For the first time ever, Panama earned an investment-grade credit rating from Fitch Ratings. The international ratings agency upgraded Panama’s long-term foreign currency and local currency Issuer Default Ratings (IDR), short-term foreign currency IDR, and country ceiling rating. Fitch said the new ratings reflected a sustained improvement in public finances, low debt, and recent tax reforms.

The Latin Business Chronicle’s annual Latin Business Index ranked Panama number one in the region for doing business. Panama gained the top spot thanks to improvements in a variety of categories, including economic freedom, competitiveness, and technology. An LBC article detailing the report says: “Panama is now the only country that is among the top five in all our five main categories.” In addition to this ranking, Panama continued to be the most globalized country in the region, as per the LBC’s latest Latin Globalization Index.

AARP The Magazine chose the highland town of Boquete as one of the top five places in the world to retire (places were not listed in any particular order). “Imagine waking up under sunny skies in a Latin American paradise,” says the AARP website, which fingers Panama as “a smart choice for retirees who want it all—in a country that really wants them.”