Panama Economy

Panama Economy and Business refers to the condition of the country’s economy and consequent business opportunities in the country. The economy of Panama is mainly based on service sectors, which accounts for 80% GDP growth rate. Though its GDP rate is significant among the other Central American countries, the country faces unemployment problem. Its present unemployment rate is about 7.3%.

Due to its geographical location, Panama Economy is angeled towards tourism, banking and commerce. Many new projects on construction have developed after the canal handover and the US military inductions.

Balboa is the Panamanian Currency but US dollars are used as paper currency in the country. This Latin American country was first to use dollar currencies in their economy.

Panama Business has shown a substantial growth over the years. The Colon Free Trade Zone of Panama is the second biggest free trade zone across the globe. Its banking sector comprises of more than 80 foreign banks. The Panama Canal has came forth as an entrance to global trade.

At present a significant growth has been noted in Panama Real Estate. Any foreigner who is 18 years of age can build and control an organization in Panama with a minimum fees and restrictions.

Panama Economy and Business has shown a satisfying growth and the country has become an important center for business in the west.