Its geographical position, located in the center of the American Continent, with access by land, sea and air, with a tropical climate throughout the year, a varied tourism offer, white sand beaches, and coral reefs, in addition to the numerous benefits that the country provides, has made Panama the Dubai of the Americas and will soon become the Singapore of the area.
According to the World Bank analysis, Panama’s economic growth has been one of the highest in Latin America during the recent decade, with an average GNP growth above 8% between 2006 and 2012. .
Compared to other countries in the region, Panama’s performance was relatively favorable during the global financial crisis with a growth of 3.2% in 2009. However, in 2010 the economy returned to its rhythm with a growth of 7.6%, and thereafter to achieve an increased GNP of 10.6% in 2011, 10.5% in 2012, 7.9% in 2013 and an estimated growth of 7.3% in 2014.
This strong economic growth reflects the improvement in social indicators. The poverty rate fell from 48.5% in 2002 to 27% in 2011, while extreme poverty decreased from 21% to 11% during that period.
The presence and expansion of the Panama Canal generate substantial income that is indirectly distributed in the country, thus allowing it to enjoy a sustained growth economy. The expansion of the canal is advancing as scheduled, which will soon generate new businesses never seen before in the country.
The legal currency in Panama is the United States Dollar that has made it possible for the country to have a prestigious International Banking Center with more than 70 banks that are renowned internationally, and to enjoy an inflation rate of less than 2% in the last 40 years and no risk of devaluations.
For these reasons, Panama has been chosen as the regional headquarters of important multinational companies such as Caterpillar, Procter and Gamble, Mapfre, Heineken, Mars, Nestlé, Roche, Basf, 3M, Singapore Aerospace Companies, Samsung Electronics, and many more.
Also some International Organizations such as UNICEF, UNDP, OAS, and the Spanish International Cooperation Agency (AECI), among others, have selected Panama to establish their operations.