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Panama
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Area: 77,381 sq km; 29,762 sq miles.
Population: 3.23 million (2006).
Capital City: Panama City (1 million, 2006 est).
People: Mostly of mixed descent, with sizeable communities of indigenous Indians, Afro-Caribbeans, Italians, Spanish, Arabs, Jews and Asians.
Languages: The official language is Spanish. English is widely understood by the middle-classes.
Religion(s): Roman Catholic 90%, with Protestant groups, Judaism and Islam represented in the country.
Currency: US Dollar (referred to locally as the Balboa).
Political Parties: Arnulfista Party (PA)
Partido Popular or Popular Party (PP)
Democratic Change
Democratic Revolutionary Party (PRD)
Nationalist Republican Liberal Movement (MOLIRENA)
Solidarity Party (PS)
Government: Panama has three branches to its representative democracy: the executive (comprising the President and two Vice-Presidents), the legislative - a 78 member single chamber assembly, and the judiciary. This comprises a nine-member Supreme Court of Justice (each appointed for a ten year period), five superior courts and a court of appeal. The President serves one term of 5 years. Elections for President and the single chamber legislative assembly are held at the same time.
Head of State: President Martin Torrijos Espino.
Prime Minister/Premier: Not applicable
First Vice President and Foreign Minister: Samuel Lewis Navarro.
Membership of International Groups/Organisations:Panama is a member of the UN (and most major agencies) and has served four terms on the Security Council; World Bank; IADB; IMF; IBRD; Rio Group (founder member); Union of Banana Export Countries (founder member); PARLACEN (Central American Parliament); SICA; CONCAUSA (Central American United States of America Joint Accord); IAEA; G-77; NAM; OAS; OPANAL; OPCW; WTO
GEOGRAPHYPanama lies along the narrow land bridge dividing North and South America, traversed by the 50-mile long ship canal built by the USA between 1904 and 1914. A mountain range runs through the centre of the country, with coastal plains of varying width on either side. The eastern region of Darién, adjacent to Colombia, is dominated by dense tropical rain forest. The main agricultural areas are in the west in Chiriqui province, bordering on Coast Rica.
HISTORY1502 Spanish explorer, Rodrigo de Bastidas visits Panama
1503 Christopher Columbus visits
1513 Vasco Nunez de Balboa treks from Atlantic to Pacific coasts; a route which later became known as the Camino Real (Royal road)
1519 Establishment of Spanish Vice-Royalty of Nueva Andalucia
1698 Establishment of the Scottish Colony (New Caledonia) in the Darién led by William Paterson (founder of the Bank of England)
1700 Spanish forces surround the Scottish Colony and force the remnants to flee the isthmus and return to Scotland causing serious losses to Scottish treasury and business and influencing the Union between Scotland and England in 1706.
1821 Independence from Spain. Joined the confederacy of Gran Colombia (comprising Colombia, Venezuela, Ecuador, Peru, Bolivia)
1830 Collapse of Gran Colombia and assimilation into Colombia
1846 Treaty with USA for the building of a railway across the isthmus to serve the California Gold Rush miners.
1880 Ferdinand de Lesseps (France) attempted over a ten year period to build a canal between the Atlantic and Pacific oceans. Financial and management difficulties, climatic conditions, and
deaths of more than 20,000 workers from tropical diseases finally destroyed the project. De Lesseps became a broken man and investors lost all their money. France was almost bankrupted.
1903 Panama achieves independence from Colombia, engineered by US President "Teddy" Roosevelt.
1903 Hay/Bunau-Varilla Treaty signed in Washington giving US rights over a zone of 10 miles width and 51 miles in length across the isthmus
1914 Construction of the Panama Canal completed by US Military Corps of Engineers.
1919 Canal, mothballed during the First World War, opened to commercial shipping.
1968 Election of Dr Arnulfo Arias Madrid as President followed 10 days later by National Guard coup. Led by Brig Gen Omar Torrijos
1977 Panama Canal Treaty and Neutrality Treaty signed by President Carter and General Torrijos on 7 September at OAS, Washington. Agreed handover of Canal in stages to Panama.
1983 General Manuel Noriega assumes control of National Guard and assumes power
1988 Noriega charged by US with drug smuggling and money-laundering.
1989 Failed coup; US invasion of Panama (Operation Just Cause). Noriega removed by US forces to Miami to stand trial, replaced by elected President Guillermo Endara
1991 Legislative Assembly approves constitutional reforms, abolishes armed forces.
1992 Noriega found guilty by US courts of drug smuggling and money-laundering, sentenced to 40 years imprisonment, to be served in a US prison. Due to be released in September 2007 - will be early due to good behaviour.
1998 Referendum rejects constitutional amendment proposed by President Balladares, which would permit a second presidential term.
1999 Panama assumes full control of Panama Canal from US in handover ceremony attended by ex-President Carter.
2002 Panama removed from a list of uncooperative tax havens, drawn up by Organisation for Economic Cooperation and Development, after promising to make its tax system more transparent.
2004 (2 May) Presidential Elections. Martin Torrijos Espino, PRD, wins with 47% of the vote. 1 September Inauguration of the new President, Martin Torrijos.
2006: (15 July) President Torrijos announced a referendum to decide on the proposed \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$5.25 billion expansion of the Panama Canal. (22 October) Referendum takes place with almost 80% of those who voted in favour of canal expansion.
POLITICSPresidential and Legislative Assembly elections took place on 2 May 2004. Martin Torrijos Espino, PRD, son of Omar Torrijos, won the election with 47% of the vote. The other contending parties secured the following percentage of votes: PS 31%; Arnulfista Party (Governing Party) 16%; and Democratic Change Party, 5%. The PRD have also secured a majority (41 of 78 seats) in the Legislative Assembly. The next Presidential election is expected in May 2009.
In October 2004 Martin Torrijos' government approved a package of constitutional reforms. Key amendments included the reduction of the legislative assembly from 78 to 67 seats, shortening of the interval between elections and the installation of the new government from four months to two months and a reduction in the number of substitute legislators elected from two to one.
In July 2006, President Torrijos announced a referendum on the proposed US\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$5.25 billion expansion of the Panama Canal. On 22 October 2006 the referendum took place. Voter turnout was 43.5% of which almost 80% voted in favour of the expansion.
The expansion project is expected to begin in June 2007 and should be completed by 2014. The proposals include two new shipping channels and locks at either end of the canal as well as raising the water level of the Gatun Lake. The expansion will double the capacity from the current 14,000 ships per year which transit the canal. This represents 5% of global shipping. The enlarged canal will also be able to accommodate the largest container ships. Thousands of jobs will be generated in the construction phase of the project.
ECONOMYHistorically one of the most stable economies in Latin America, Panama has a well-developed services sector accounting for 80% of GDP. This is centred around the Canal, the related Colon Free Zone and the International Banking Centre. As a result average incomes are high by regional standards. However, income distribution is heavily skewed with 1 million citizens if not more (estimated at 40-50% of the population) living at or below the poverty level, according to the UNDP. As a fully dollarised economy, heavily dependent on trade, the economy will always be vulnerable to external shocks. Fiscal deficits and growing public debt in recent years have increased this vulnerability. However, if managed correctly the Panama Canal expansion is expected to have a profound effect on the economy, with a boom predicted following an increase in Foreign investment and employment in canal expansion and related projects.
Basic Economic Facts
Basic Economic Facts
Nominal GDP: 13.9 billion US dollars (2005)
Nominal GDP per head: 4318 US dollars (2005)
Annual growth: 4.9% (2005) GDP real growth rate
Inflation: 2.9% (2005)
Unemployment : 9% (as a % of labour force in 2005)
Major industries: Light industry, construction (20%), brewing, cement and other construction materials, sugar mills.
Export partners: US 50%, Nicaragua 5%, Costa Rica 5%
Import partners: Reliable figures not available due to volatility from imports: many imported on a transhipment basis.
INTERNATIONAL RELATIONSPanama's External Relations with ColombiaLinks with Colombia are stretched from time to time with the presence on Panamanian territory of Colombian paramilitaries and guerrilla groups. Occasional skirmishes occur between the latter two and the Panama police force in the Darién region.
Panama's Relations with the International CommunityFor historical, geographical and economic reasons, Panama has a very close relationship with the US. Under the 1977 Torrijos-Carter treaties, sovereignty of the Canal was handed back to Panama on 31 December 1999; the US withdrew all troops; and military installations were returned. However, the US does have a clause in the Canal contract whereby they can retake the Canal if they feel it is threatened militarily.
Panama is one of the few countries to have diplomatic relations with Taiwan who are an important source of aid, as are Japan, Spain and the EU. Panama and Taiwan signed a Free Trade Agreement in 2003, which took effect from January 2004. Panama is currently negotiating a Free Trade Agreement with the USA and Singapore. Together with its neighbours, Panama also negotiated a Political Dialogue and Cooperation Agreement with the EU, which was signed in Rome on 15 December 2003.
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