PANAMA’S ECONOMY IS STABLE AND EXPANDING
The economy of Panama exhibits some of the fastest growth in Latin America these days, reports Reuters. From a 6.4 percent growth rate in 2006, it rose to 11.2 percent for 2007. Upswings in traffic on the famed Panama Canal, more construction starts, strong banks and increases in local tropical fruit export are some of the causes of this boom.
The Canal Expansion
A $5.25 billion project, the Canal Expansion, intended to increase the canal’s capacity twofold, will create as many as 40,000 jobs during its 7 to 8 year span.
The Official Currency
The US dollar has been Panama’s official currency for over a century, making for low rates of inflation and almost eliminating fluctuations in currency.
International Banking Center
The successful International Banking Center, including over 85 banks from 35 countries, is situated in Panama. Transparency and first world level standards of security add to Panama’s attraction as an investment market.