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Capital: Panama City
Population (2005) : est.pop. 3,039,000
Size: 29,760 sq mi (77,081 sq km)
Overview
Panama is fast becoming one of the most cosmopolitan capitals of Central and South America, with beautiful state of the art buildings and high rises, a dollar based open economy, a prominent banking center, excellent communications, and most advanced health institutions.
Not in vain two of the most renown magazines, the American Association for Retired Persons and International Living, named Panama as “one of the top four places in the world for Americans to live abroad” and “the number one country outside the United States for a second home- based on Panama’s outstanding safety, infrastructure, climate and beauty”.
Panama is noted for having more bird species than all of North America, an archipelago I the Caribbean noted as the twenty-first century Galapagos, and an impressive storehouse of cloud forests. The country enjoys an unmatched diversity. Moreover, in a clear day, on a mountain, you can look one way and see the Caribbean sea and on the other see the Pacific Ocean.
Land and People
The terrain in the west are rugged mountains of volcanic origin. In the middle of the country are low hills and in the east is a low mountain range. Lowlands line both the Caribbean and Pacific coasts, and there are many offshore islands. The climate is tropical with abundant rainfall. Over half the population is urban. Spanish is the official language, and many Panamanians also speak English.
Economy
The economy in Panama has become largely service based, with banking, tourism, and commerce all playing important roles. Only about a quarter of the land is used for agriculture. On the upland savannas cattle are grazed and subsistence crops such as rice, sugarcane, cocoa, and coffee are grown. Bananas are grown on the Pacific coast. The country has various light industries. The Colon Free Zone, established in 1953, is a center for foreign investment in manufacturing.Banana are the leading export, followed by shrimp and fish products, sugar, clothing, and coffee.
*Columbia Encyclopedia, Sixth Edition, Copyright (c) 2006 Photo by Alfredo Maiquez, courtesy of IPAT |