Panama
Welcome to the first in a long series of posts from the FuegoMundo blog that will focus on South and Latin American culture and history.
As you know, we are trying to build a wonderful customer experience for you at FuegoMundo. And one of our most important goals is to give you a small taste of South America, and its unique culture.
We hope you enjoy learning about this very special place…
Enjoy!
DID YOU KNOW?
- Panama uses the $US dollar as its currency.
- There’s never been a hurricane or major natural disaster in Panama.
- The City of Knowledge (Ciudad de Saber) in Panama City, which used to be a US Army Base, contains over 100 Universities in a 5 mile radius.
- Over 25,000 lives were lost in the construction of the Panama Canal.
- In 2008 Panama had one of the world’s fastest growing economies.
- Panama is poised to become the next “Hong Kong” of the Americas.
PAST
Historically, Panama was plagued with political unrest, corruption and poverty, with the likes of Manuel Noriega running the country. In 1989 Noriega was convicted of drug trafficking and money laundering charges and extradited to the United States. He served time in a US prison until 2007.
PRESENT
Today Panama is blessed with political stability, a thriving economy, great weather, beautiful beaches, mountain & volcanic ranges, lush rain forests, the Panama Canal & the Free-Trade Zone to the north. Panama City, the capital and largest city, is a modern growing metropolis. Major construction of world-class high rise buildings & infrastructure is underway in Panama City, including The Trump Tower Hotel & The Rivage Tower, resembling the skyline of a “mini-Manhattan.” The city boasts world-class banking systems, hotels & casinos.
GEOGRAPHY & DEMOGRAPHICS
Panama is a small country, about the size of South Carolina, located in Central America, bordering Costa Rica to the West & Colombia to the East. Total population is 3.2 million, with over half living in Panama City. Many locals are bilingual, speaking Spanish as their native language and also English. Many American retirees have relocated to Panama, especially to the mountain & volcanic regions of Boquete and David, for its affordable high standard of living, natural beauty, friendly people, favorable weather, affordable health-care system, and for the many retiree perks & benefits offered by the country of Panama.
PANAMA CANAL
Panama was made famous by the Panama Canal, a brilliant engineering feet completed by the U.S. in 1914, joining the Caribbean Sea to the Pacific Ocean, and allowing cargo ships to cross through for a fee. On December 31, 1999, under a treaty signed by President Jimmy Carter, control over the Panama Canal was returned to Panama. Since then Panama has enjoyed explosive growth. In 2007, Panama began an expansion of the Canal to allow passage to larger Mega-Cargo ships. The project is estimated to be completed in 2014 with a cost $5.3 billion, and predicted to greatly stimulate the Panamanian economy even further.
