Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama’s economy is much more complex, and healthy, than many may think.
Despite the recent controversy of the Panama Papers, many businesses and entrepreneurs have been fiercely defending both the country, and its legit economic future. Here’s why.
Consider that its GDP growth has ranked among the world’s most prolific for much of the last decade. Even during the Great Recession of 2008 and 2009, Panama’s GDP rose 9% and 4%, respectively. Still, Panama City has a compelling story to tell. It has offered fertile ground for entrepreneurship and business development. It is strategically located near major commerce hubs in the U.S., Central and South America, and of course, has the Panama Canal. The Panama City skyline is no less impressive than leading cities in the U.S., Europe and the Far East. Moreover, there is an exceptional energy about the country.
Source: The Street
Panama, Suez expansions could help Halifax port traffic
Panama’s completion of the Panama Canal Expansion is nearing, and with it, lots of speculation of the ancillary benefits that will come to various ports all over the world. This recent perspective is from Canada.
Completion of the $5.3-billion project will mean larger container ships and general cargo vessels will be able to travel the 77-kilometre waterway and bring more cargo to ports along the North American East Coast. It will be the second part of a two-canal scenario those in the marine industry feel will play a major role in boosting cargo at East Coast ports. An expanded Suez Canal opened last August.
The largest container vessels passing through the Panama Canal now have capacities of 5,000, twenty-foot equivalent unit, (TEUs). The third set of locks will accept vessels that can carry 12,500 to 13,000 TEUs. The Suez Canal can handle vessels in excess of 18,000 TEUs.
Source: The Chronicle Herald
Panama prepares to transfer some 3,000 U.S.-bound Cuban migrants to Mexico
After an influx of recent refugees from Cuba, Panama is preparing to help move them closer to their immigration goal with the United States.
Another 3,000 Cubans, most of whom are stranded on the border with Costa Rica, also will be allowed into the Los Planes shelter, counted and then transferred to Mexico — the final such airlift for Cuban migrants on trek to the United States, Panamanian President Juan Carlos Varela said last week.
“Once the transfer of those Cubans included in the census is completed, those who arrive later will have to decide which country they want to return to,” Varela told local media as the country’s borders shut down to migrants in transit to the U.S. “We cannot become the logistical support for an irregular migration route.”
Source: Miami Herald
Panama’s Population Grows Rapidly, Along With New Construction
With the economy continuing to grow, the quality of life is high as ever, and investment opportunities in nearly every sector, it should come as no surprise that Panama’s population is surging. Just how much is it surging? Check out our latest blog post for more!
Why is Panama’s population surging?
If you look at the country’s population growth over the past 60+ years, you’ll see that it has been increasing for decades. According to census statistics, Panama’s population grew from 839,000 in 1950 to 3,322,576 in 2010. Due to urbanization, industrial growth, and increased demand from the Canal, this number is fairly normal. However, going from 3,322,576 to (an estimated) 4,000,000 in just six years, is much more of a big deal. A lot of this growth has to do with immigration, and Panama’s relationships with neighboring countries, and their economies.
Continue reading about Panama population growth
