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The Economy in Panama

Economy in Panama 

Panama’s dollarized economy rests primarily on a well-developed services sector that accounts for three-quarters of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is scheduled to be completed by 2014 at a cost of $5.3 billion—about 25% of current GDP. The expansion project will more than double the Canal’s capacity, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway, and should help to reduce the unemployment rate.

Panama’s aggressive infrastructure development projects will likely lead the economy to continued growth in 2015. Strong economic performance has not translated into broadly shared prosperity as Panama has the second worst income distribution in Latin America. About 30% of the population lives in poverty, however, during Torrijo’s term poverty was reduced from 40% to 30% and unemployment dropped from 12% to 6%.

Tourism in Panama

Tourism in Panama
The bridge between Central and South America, Panama is best known as the home of the famous Panama Canal, but it offers much more. The country has highland jungles, beautiful beaches and a rich cultural heritage crammed into an area so small it can all be seen in a single vacation. While seeing the country is easy, Panama presents some hazards to be aware of and avoid, especially in the southern part of the country.

• Outdoor Activities

Panama is fringed with beautiful beaches and warm, clear water, giving  to a host of oceanic activities. Frommer's describes both the Caribbean and Pacific coasts of Panama as "the destination for a surfin' safari." Both sides of the country also host snorkeling and scuba diving sites.

• Attractions

One of the major draws of Panama is the famous Panama Canal, although a detailed tour  the canal zone is likely only of interest to fans of engineering or maritime shipping. Casco Antiguo is the oldest city in Panama and a UNESCO World Heritage site, and thanks to numerous fires over the years, it reflects architectural styles from Spanish colonial to art deco.

• When to Go

There are only two seasons in Panama: rainy and dry. Rough Guides recommends the dry season of mid-December to April as the best time to visit Panama, but the rainy season does have one thing to recommend it: Cloud cover offers some protection from the strong, almost equatorial sun. Temperatures hover between the upper 70s and upper 80s all year, with high humidity a constant even in the dry season.

Careers and Professions Demand in Panama

Careers and Professions Demand in Panama

• The economy in Panama is booming, and there are a lot of people who are looking for work. Many of the younger members of the community of English speaking expatriates in the Republic of Panama come here, looking for work.

• Panama's economy, which grew 8.4% in 2013, spurred the generation of 50,000 new jobs, but the country does not have the skilled labor necessary to meet the demand.

• According to Panama's Ministry of Labor and Workforce Development, the economy generated 6,472 new jobs in the first week of April 2014.

•  Labor Shortages in ICT Sector in Panama.The lack of qualified people in the areas of technology, software development and telecommunications is one of the challenges facing Panama as a consequence of its economic growth.

•  Shortage of Veterinarians in Panama. A deficit of veterinary doctors, estimated at about six hundred professionals, is jeopardizing food security.The acting secretary of the Panamanian Association of Veterinarians, Jose Torres, referring to the lack of professionals said that there are areas such as quarantine at airports and ports where there are only enough existing staff to cover one shift and not the three that are needed.

Job Opportunities in Panama

Job Opportunities in Panama 

Panama’s economy has one major asset: The Panama Canal. The 77-km long canal connecting the Pacific and the Atlantic Ocean provides numerous employment opportunities for people in Panama. InterNations has compiled some useful information for expats interested in working in Panama.

Finding a Job in Panama

The key thing to remember is that you’re much more likely to find a job with an international company located in one of the special economic or free zones than with a domestic one. This is because multinational corporations are not bound by the 10% rate when it comes to hiring foreign staff at management or executive level. Some global corporations with regional headquarters in Panama are, among others, Adidas, AES, Caterpillar, Hyundai, Maersk, Mars, Nestlé, SABMiller, and Western Union.

Summary 

The Republic of Panama, situated on the Isthmus of Panama

ECONOMY

Panama depends largely on its privileged geographical position: the economy is based on a well-developed services sector, including the Panama Canal, banking, insurance, government, the transPanamanian oil pipeline, and the Colón Free Zone. The Panama Canal and the monetary regime anchored in the use of the US dollar as legal tender spurred the rapid development of the service economy which offset markedly unfavorable terms of trade. The unique monetary system played a significant role in the creation of an International Banking Center and the Colón Free Zone.

Whereas many countries were characterized by a growing protectionism in the late 1940s, Panama launched the Colón Free Zone (the world's largest free zone, with Hong Kong as the largest free port). Panama also earned substantial rents through the construction of the trans-Panamanian oil pipeline and by the licensing of the Panamanian flag to merchant ships from around the world.

TOURISM

Travel facilities within Panama are good; Panama City and Colón are only one hour apart by road or rail. In addition to the Panama Canal itself, tourist attractions include Panama City, beach resorts in the Pearls Archipelago and San Blas Islands, the ruins of Portobelo, and the resort of El Valle in the mountains. Water sports, tennis, golf, and horse racing are popular. Nature treks and historic tours also attract visitors to Panama. Citizens of the United States and Canada need only a valid passport and tourist card to enter Panama. Other foreign nationals are required to have a valid passport, and either a visa or tourist card; both card and visa are valid for up to 90 days.

Job Opportunities 

In 2005 , Panama 's workforce was Estimated at 1.39 million. As of 2003 , the services sector, Accounted for 65.2 % of the work force , With 17.51 ​​% in agriculture , 17.2 % in industry , and 0.1 % in undefined occupations . Panama 's workforce is marked by an abundance of unskilled laborers , but a shortage of skilled workers . The unemployment rate rose from 11.8 % in 1985 to 17 % in 1990 , and then a Declined to 13 % by 2000. In 2005 , the unemployment rate was at 8.7 % Estimated .

In 1999 , Panama HAD unions With over 250 private industry About 80,000 members , organized into 48 Federations and seven confederations . The Province of Panama is Where more than two- Thirds of the total number of unions are found . About 10% of the workforce was unionized as of 2001. The Confederation of Workers of the Republic of Panama , Formed in 1963 , is an affiliate of the ICFTU , and the National Center of Panamerican Workers is Affiliated With The WFTU . Strikes are permitted , and collective bargaining is Widely practiced