Buoyed by expanded connectivity and increasing investment, Panama’s tourism sector has experienced unprecedented growth in the past few years. Today, it is a pillar of economic development, generating more revenues than transit fees from the Panama Canal ($1.92bn) or the Colón Free Trade Zone ($1.9bn). According to the Tourism Authority of Panama, visitor numbers have grown every year since...
Panama Tourism
Despite slower GDP growth of 6.2% in 2014, according to the Ministry of Economy and Finance, Panama remains one of Latin America’s fastest growing economies, a trend set to continue in coming years with the IMF forecasting average annual growth of around 6.5% over the next five years.
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Despite slower GDP growth of 6.2% in 2014, according to the Ministry of Economy and Finance, Panama remains one of Latin America’s fastest growing economies, a trend set to continue in coming years with the IMF forecasting average annual growth of around 6.5% over the next five years.
For the past decade Panama has registered impressive economic growth. According to the World Bank, GDP growth averaged 6.8% from 2000 to 2012, while government figures show double-digit growth for four of the past seven years. Economic development has been fuelled by heavy public sector spending on infrastructure, particularly the $5.25bn expansion of the Panama Canal, which should ensure long-term growth.
One of four key pillars of economic growth in the Strategic Economic Plan 2010-14, the tourism sector has experienced rapid development in the past decade. According to the World Travel...