About Panama...
Panama, officially the Republic of Panama, is the southernmost country of both Central America and, in turn, North America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The capital is Panama City. Panama is an international business center, and has the third or fourth largest economy in Central America. It is also the fastest growing economy and the largest per capita consumer in Central America. According to the CIA World Factbook, Panama has an unemployment rate of 5.6%. According to the ECLAC, the poverty rate is 28.6% as of 2006 and is expected to decline to 11% by 2009, in spite of the Global financial crisis of 2008 - 2009. A food surplus was registered in August 2008, and infrastructure works are progressing rapidly. On the Human Development Index Panama is ranked at number 60 (2008). The International Monetary Fund has predicted that Panama will be the fastest growing economy in Latin America in 2009. It was the second fastest growing economy in Latin America in 2008, after Peru. Since taking office in 1994 President Ernesto Perez Balladares advanced an economic liberalization program designed to liberalize the trade regime, attract foreign investment, privatize state-owned enterprises, institute fiscal discipline and privatized its two ports in 1997 and approved the sale of the railroad in early assets. Panama joined the World Trade Organization (WTO) and a banking reform law was approved by the legislature in early 1998 and dismantled the Central bank. After two years of near stagnation the reforms began to take root; GDP grew by 3.6% in 1997 and grew by more than 6% in 1998. The most important sectors which drove growth were the Panama Canal and the shipping and port activities of The Colon Free Zone which also rebounded from a slow year in 1996. Some of the most important and notable families are: The Motta family (Panamanians)owners of great businesses such as wine shops, the Harari family (Hebrew) owners of great businesses and a Jewish market, the Iovane family (Italian) owners of the famous Napoli Ristorante e Pizzeria in Obarrio and the Sheraton Hotel is also in their power. A lot of this families are active in the business sectors.
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| Exports To Panama Facts |
| Location: |
Central America |
| Coordinates: |
9 00 N, 80 00 W |
| Int. Dialing Code: |
+507 |
| Currency: |
balboas (PAB) |
| Language: |
Spanish (official) |
| Area: |
75,420 sq km |
| Capital City: |
Panama City |
| Population: |
3,360,474 (July 2009 est.) |
| Population Ranking: |
134 |
| Employment: |
92.9% |
| Inflation: |
2.3% (2009 est.) |
| GDP: |
$40.32 billion (2009 est.) |
| GDP Ranking: |
96 |
| GDP Growth: |
2.4% (2009 est.) |
| Internet Users: |
934,500 (2008) |
| Television Stations: |
38 |
| Phone Lines: |
524,000 (2008) |
| Mobile Phones: |
3.915 million (2008) |
| Major Industry: |
construction, brewing, cement and other construction materials, sugar milling |
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