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The Expansion Of The Panama Canal

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Panama is a developing country with multiple aspects, and its booming economy is one of them. Panama’s economy is growing faster and faster each quarter of the year. The country is on track of becoming the fastest growing economy in latin america. Considering the size of Panama this is impressive. Many things contribute to this progressing economy.

One thing that is contributing to Panama’s economy is definitely the canal. The Panama canal provides Panama with income and jobs. This money generating facility earns 2.4 billion dollars for the country each year. Although the expansion of the Canal in Colon costs $5.25, and is a set back in the economy it will bring in more money in the future therefore being a good investment. The expansion will allow ships bigger in size to pass through the canal and bring even more money to Panama.

Panama’s agriculture doesn’t have a big impact on the economy. Panama doesn’t produce enough crops to create major importation. With that being said Panama does have one major cash crop that does impact the economy. That cash crop is bananas, this also plays a …show more content…

Between 2007 and 2012, a period including the global financial crisis and recession, Panama was able to reduce poverty from 39.9 percent to 26.2 percent, and extreme poverty from 15.6 percent to 11.3 percent. Panama has a growing middle class, this has been apparent in many countries in the region, but especially marked in Panama because of Panama's prior inequality. The inequality in Panama was quite extremes previously. A key factor in this remarkable poverty reduction has been the economic growth. Over the past decade, Panama has been one of the fastest growing economies worldwide. The average annual growth was 7.2 percent between 2001 and 2013, which is more than double the regional average. The Panamanian economy grew 6.2 percent in 2014 and is estimated to grow an estimated 6.2 percent during

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