Panama’s economy registers its greatest economic growth in five years, growing from 6.4% in 2006 to 11.2% in 2007. According to Reuters, Panama is one of Latin America’s fastest-growing economies, spurred by increased canal traffic, a booming construction sector, buoyant banks and increased exports of tropical fruit.
The Canal Expansion, a $ 5.25 billion project is aimed at doubling the capacity of the canal and attracting an incredible 40,000 jobs during the estimated timeline of seven to eight years.
With the U.S. dollar circulating as legal tender since 1904, Panama’s economic stability provides very low inflation rates and virtually no currency fluctuations.
Panama has developed a successful and Hi-End international “Banking Center” in Latin America, with more than 85 banks from 35 countries. Panama also has transparency and security standards worthy of a First-World service.
