Panama is a country located in Central America on the isthmus connecting North and South America. It is bordered by Costa Rica, Colombia, the Caribbean Sea, and the Pacific Ocean. The geography of Panama is mountainous. The government system is a constitutional democracyMajority rule, by which the biggest proportion of members of...; the chief of state and head of government is the president. Panama has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation.
In 2008, Panama had the second most unequal income distribution in Latin America. The Torrijos government implemented taxA fee imposed by a government on personal or corporate incom... reforms, as well as social security reforms, and backed regional tradeThe buying and selling or exchange of goods and services. Th... agreements and development of tourism. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreementAn agreement, usually between countries, to limit or change ... with the US, which, when implemented, should help promote the country’s economic growthAn increase in a region's or nation's production of goods an.... In May 2009, Panama held its general elections and selected Ricardo Martinelli as president. President Martinelli assumed the presidency on July 1 and has promised to promote free tradeThe buying and selling or exchange of goods and services. Th..., establish a Panama City metro system at an approximate cost of $1.0 billion, reform the health care system, and complete the expansion plan for the Panama Canal. President Martinelli also emphasized the importance of transforming Panama into a “safer, modern and supportive” nation devoted to improving the living conditions of its population through efficient and accountable governance.
Growth will be bolstered by the Panama Canal expansion project- that began in 2007 and is estimated to be completed by 2016 at a cost of $5.3 billion – about 10-15% of current GDP. The expansion project- will more than doubleIn the film and TV industry, a person who stands in, or is s... the Canal’s capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The US and China are the top users of the Canal. In 2014, Panama completed a metro system in Panama City, valued at $1.2 billion. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
Important Details
- Country ISO3 : PAN
- Country Code : 591
- Income Group : Upper middle income
- Lending Category : IBRD
- Region : Latin America & Caribbean
- Currency Unit: Panamanian balboa
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : SICA, WTO
- world rank : 66
- Regional Ranking : 13th in the South and Central America/Caribbean Region
