Dreaming of place where you can have fun working, easily adjust, seamlessly move to the urban life you are used to and effortlessly unwind and relax on a perfect vacation without booking an expensive flight and going outside the country? Panama provides just that with its low cost of living.  Panama is also the center of free trade (giving you the chance to take advantage of the easy access to the global market) and at the same time serve as a travel destination with its pristine beaches and completely unscathed rainforests and jungles.  This Paradise is known for taking you from the busy city living to your laidback beach escape. 

General Information

Panama is generally called the Republic Of Panama, with its capital, Panama City.  The type of its government is Constitutional Democracy, with a President named Martin Torrijos.  Panama achieved its independence on November 3, 1903. The Constitution was established on October 11, 1972, was revised in 1983 and 1994 and was later reformed in 2004. 

Geography

Panama is located in Central America, on the Isthmus of Panama between Costa Rica and Colombia.  It is a beautiful and exotic land bridge which connects Northern to southern America.  It has an area of 78,200 sq. km. (30,193 sq. mi.) and is a little bit smaller compared to South Carolina.  It houses mountains in the west (highest elevation Cerro Volcan, 3,475 m.--11,468 ft.), and a coastline 2,857 km. (1,786 mi.)  It boasts of a beautiful and relaxing tropical weather. 

People

The people are generally called Panamanian(s).  Panama has a population to roughly 3.2 million, with a life expectancy of 72 years for men and 77 years for women.  The main language used for communication is Spanish or English and the main religion in this country is Christianity.

Economy

Its Gross Domestic Product amounted to about $15 billion in 2006, with a Gross National Income of about US $4,630 (World Bank, 2006).  Panama’s currency is called Balboa, but the US Dollar is generally accepted there.   Panama mainly exports bananas, fish, corn, rice, coffee, shrimp and petroleum products.

Panama’s Economy

Due to its geographical location Panama’s economy is mostly composed of a service-based industry relying heavily on the mechanical and shipping registry, offshore banking, general commerce, tourism, and insurance.

With the increasing demand for the services of the Panama Canal, the president of Panama Mr. Torrijos plans to renovate the canal and widen it to be able to handle larger vessels. Plans for the project are already finished and construction will start in 2008.

Panama’s Culture

Panama is composed of various ethnic groups, 70% are composed of the “Mestizo” which is a mix of European and Amerindian ancestry, the “West Indians” are composed of 14%, the “Caucasians” 10%, and the rest are Amerindians for 6%. For the most part its language, tradition and culture is Caribbean Spanish, residing predominantly at the Colon City of Panama.