Economic development of Panama

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Panama ‘s dollarized economy , indicating it does not have a central bank , however its banking network is considered the best in Latin America . It consists of 80 banks which mobilize the economy growing , competitive and thriving nation.

All this great economy is dependent on a service sector very well structured and is responsible for 63 % of gross domestic product.

Among these services are : the industry , the construction sector , transport and communications , tourism , real estate and the operation of the Panama Canal.

Industrial Sector: 1.027.4 million
Construction Sector : 677 100 000 dollars
Transport and communications : 1318.2 million
Tourism: 1.259.1 million
Real Estate : 2522.3 million
Panama Canal : 832.8 million dollars

Panama Canal

In the Panamanian economy, the Panama Canal has played an important role as it has been a major employer and promotes urban growth as well as providing a means of short transit between two great oceans .

It has also led to the creation of one of the largest free zone in the hemisphere which has been a magnet for investments that houses the world’s largest merchant marine.

Therefore the income in the country has been great being so including 2007 became the fastest growing economy in Latin America and one of the fastest growing in the world.

Source: Presentation by Priscilla Carrillo and Margarita Camacho Alvarado Ibarra

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