Panama is a relatively new country in the Americas, having been explicitly encouraged to secede from Colombia by the US in 1903 in order to facilitate construction of the Canal. Throughout the twentieth century Panama earned transit fees from the Canal and also, in tandem, developed as Latin America’s only offshore financial centre. There was an ongoing dispute with the US over sovereignty of the Canal Zone but in 1977 President Carter of the US agreed to return sovereignty to Panama which took place in 1999.
Panama was under military rule (alongside civilian administrations) from 1969 to the fall of Noriega in 1990. Since then it has had constitutional governments. The economy grew on avarage 4% pa up to the year 2000 with a sharp contraction the year of Noriega’s ouster. Since the turn of the Millennium it has been the star performer in Latin America with growth averaging 6% pa. It’s international insertion is based on transit fees from the Canal, Zona Francas (free trade zones) for manufacturing, the offshore financial sector, tourism (including cruise ships) and a light indigenous manufacturing sector.
In 2016 the so called ‘Panama Papers’ were released. These were documents hacked from the computers of law firm Mossack Fonseca. This and other similar releases effectively mean the end of offshore privacy and will undoubtedly have long term repercussions for the sector. However the numbers employed in the sector are not large.
Contents
Introduction
The Modern Period
The Current Era
The Modern State
Economics from the Ground Up
Political Systems
Trade Theory
The EU as a Model of Integration
Industrialisation
Synopsis
Data
World GDP 2018
World GDP PPP 2018
GDP per capita ppp 2018
Exports & Imports 2018
Container Traffic 2010 & 2018
Oil Production 2018
Migrant Remittances 2018
Tourism Statistics 2017
Tourism Americas 2017
Latin America
Background
The US and Latin America
Economy
The EU and Latin America
Mercosur
World Exports 2000-2018
Panama
Introduction
Economy
State Finances
Central America Tables
Charts & Chart Commentary
Sources
66 pages
Panama 2020
- Product Code: ISSN 2014-5063 (2020) No 16
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