Panama Location : Middle America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica
Capital City : Panama
Curreny : balboa (PAB); US dollar (USD)
Languages Spoken : Spanish (official), English 14% note: many Panamanians bilingual
Climate : tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May)
National Holiday : Independence Day, 3 November (1903)
Background Information
With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. On 7 September 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of 1999. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the intervening years. With US help, dictator Manuel NORIEGA was deposed in 1989. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were turned over to Panama by or on 31 December 1999.
Geographical Note
strategic location on eastern end of isthmus forming land bridge connecting North and South America; controls Panama Canal that links North Atlantic Ocean via Caribbean Sea with North Pacific Ocean
Economy
Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-01. The government plans public works programs, tax reforms, and new regional trade agreements in order to stimulate growth.
Religions
Roman Catholic 85%, Protestant 15%
Ports : Balboa, Cristobal, Coco Solo, Manzanillo (part of Colon area), Vacamonte
International Disputes - Risks to travellers
: none
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