Although Panama is only slightly larger than Ireland, it is home to an abundance of biodiversity that has helped support the nascent ecotourism industry. Indeed, ranked 118th globally in terms of geographic area, Panama punched well above its weight in the World Economic Forum’s “Travel and Tourism Competitiveness Report 2013”, ranking 11th in...
The stable economic and political progress that followed the country’s return to democracy in 1989 has had a lasting impact on the development of the tourism sector. After planting the seeds of growth throughout the 1990s, the tourism sector has experienced rapid development in the first decade of the new millennium alongside broader economic...
Coupled with a supportive investment incentive framework, Panama’s innate strengths in the tourism industry have made it a natural destination for investment, both foreign and domestic. While in recent years much of that investment has been channelled into Panama City and its growing cadastre of three-, four- and five-star hotels, funds are now...
How would you assess Panama’s rise from 56th to 37th place in the World Economic Forum’s “2013 Travel & Tourism Competitiveness Report”?
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.
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