Panama’s Economy The economy based on the Panama Canal
- 3 years ago
this is panama . The economy of Panama is based mainly on the services sector, which accounts for nearly 80% of its GDP and accounts for most of its foreign income.
Services include the Panama Canal, banking, commerce, the Colón Free Trade Zone, insurance, container ports, and flagship registry, medical and health and tourism.
Panama is ranked 10th among 32 countries in the Americas region, and its overall score is above the regional and world averages.
Finance and trade are the cornerstones of the Panamanian service sector, which is, in turn, the basis of the national economy ,by the 1980s it had become Latin America’s largest financial centre. Several major Latin American, North American, and European banks have branch offices in Panama City. Some of these also operate branches in the provinces and provide loans for industrial, agricultural, and cattle-raising ventures.
The National Bank of Panama (1970) oversees the banking system, which was partly reformed in 1998 to discourage money-laundering schemes connected to narcotics trafficking. The national currency, the balboa, is issued only in coins. The balboa is at par with the U.S. dollar, and U.S. paper currency is freely circulated. The Stock Exchange of Panama (1960) is the main stock exchange.
The main manufacturing centres are Panama City and the Colón Free Zone, and there is some industry at Colón and David.
Services include the Panama Canal, banking, commerce, the Colón Free Trade Zone, insurance, container ports, and flagship registry, medical and health and tourism.
Panama is ranked 10th among 32 countries in the Americas region, and its overall score is above the regional and world averages.
Finance and trade are the cornerstones of the Panamanian service sector, which is, in turn, the basis of the national economy ,by the 1980s it had become Latin America’s largest financial centre. Several major Latin American, North American, and European banks have branch offices in Panama City. Some of these also operate branches in the provinces and provide loans for industrial, agricultural, and cattle-raising ventures.
The National Bank of Panama (1970) oversees the banking system, which was partly reformed in 1998 to discourage money-laundering schemes connected to narcotics trafficking. The national currency, the balboa, is issued only in coins. The balboa is at par with the U.S. dollar, and U.S. paper currency is freely circulated. The Stock Exchange of Panama (1960) is the main stock exchange.
The main manufacturing centres are Panama City and the Colón Free Zone, and there is some industry at Colón and David.