Panama - European Parliament · 2018. 7. 23. · Panama: An overview 3 Table of contents 1 European...
Transcript of Panama - European Parliament · 2018. 7. 23. · Panama: An overview 3 Table of contents 1 European...
DIRECTORATE-GENERAL FOR EXTERNAL POLICIES
POLICY DEPARTMENT
DG EXPO/B/PolDep/Note/2015_88 February 2015
EN
DV/1051825EN.doc AP101.776v02-00
IN-DEPTH ANALYSIS
Panama:
An overview
Author: Jesper TVEVAD
Abstract
Panama's service-based economy has registered the highest growth rates in Latin America
in recent years, driven by large infrastructure projects and a building boom. Panama's
economic prospects are very much linked to the ongoing expansion of the Panama Canal,
which is expected to conclude in early 2016. Despite strong economic growth, poverty rates
remain relatively high, reflecting income inequalities and differences in living conditions
between the central parts of Panama and the rest of the country.
On 1 July 2014, Juan Carlos Varela, leader of the centre-right 'Panamenista Party' took office
as the country's president for a five-year term. The new government's anti-corruption
efforts have sparked a bitter confrontation between President Varela and his predecessor,
Ricardo Martinelli.
Panama's National Assembly ratified the EU-Central America Association Agreement in
March 2013. The trade provisions of the Agreement entered into force for Panama on
1 August 2013. The European Parliament has emphasised the need for the EU to have a
delegation in Panama.
FOR EUROPEAN PARLIAMENT
INTERNAL USE ONLY
Policy Department, Directorate-General for External Policies
2
This paper was requested by the European Parliament's Delegation to the Euro-Latin American
Parliamentary Assembly.
AUTHOR: Jesper TVEVAD
Directorate-General for External Policies of the Union
Policy Department
SQM 03 Y 084
Rue Wiertz 60
BE-1047 Brussels
Editorial Assistant: Liina-Triin TAMBI
CONTACT: Feedback of all kinds is welcome. Please write to:
To obtain paper copies, please send a request by e-mail to:
PUBLICATION: English-language manuscript completed on 24 February 2015.
© European Union, 2015
Printed in Belgium.
This paper will be published on the intranet site of the European
Parliament's policy departments.
DISCLAIMER: The opinions expressed in this document are the sole responsibility of the
author and do not necessarily represent the official position of the European
Parliament.
Reproduction and translation for non-commercial purposes are authorised,
provided the source is acknowledged and the publisher is given prior notice
and sent a copy.
Panama: An overview
3
Table of contents
1 European Parliament–Panama: Milestones 4
2 Political situation 4
2.1 Parliament 6
2.2 Foreign policy and international relations 7
3 The economy, trade and social issues 8
3.1 Trade and investment 10
3.2 Social issues 11
4 The EU and Panama 12
5 Basic data 15
6 Map 16
Policy Department, Directorate-General for External Policies
4
1 European Parliament–Panama: Milestones
3 April 2014 In a resolution on the EU's general budget for 2012, the European Parliament
(EP) reiterated the need to create an EU Delegation in Panama. Noting that
Panama is an important partner and the only country in the region without its
own delegation, the Parliament called on the EEAS to take action as soon as
possible.
11 December 2012 The EP gave its consent to concluding the EU-Central America Association
Agreement. An EP resolution described the partnership as a decisive step
forward in the integration of Central America, going beyond mere questions
of free trade, and representing the logical conclusion of the EU’s support of
peace, stability and democracy in the region.
3 February 2011 In a resolution on the conclusion of the Geneva Agreement on Trade in
Bananas between the EU and 11 Latin American countries, including
Honduras, the Parliament welcomed the end of one of the most technically
complex and politically sensitive legal disputes ever brought before the World
Trade Organisation (WTO). All pending disputes between the parties were
settled, including all those filed by Latin American banana suppliers with
respect to the EU trading regime for bananas.
31 March 2004 The EP approved the conclusion of the Political Dialogue and Cooperation
Agreement between the European Community and its Member States, on the
one hand, and Central America (Costa Rica, El Salvador, Guatemala,
Honduras, Nicaragua and Panama) on the other.
15 July 1993 The EP approved the signature of the ‘third-generation’ Framework
Cooperation Agreement between the European Economic Community and
Central America.
2 Political situation
Juan Carlos Varela, leader
of the centre-right
'Panamenista Party'
(Partido Panameñista,
PAN), took office as
Panama's president on
1 July 2014.
Juan Carlos Varela, leader of the centre-right 'Panamenista Party' (Partido
Panameñista, PAN), won the presidential election of 4 May 2014, when he
achieved 39.1 % of the vote (the President and the Vice President are elected
by simple majority, regardless of the winning candidates' share of the votes).
Varela stood as candidate for the coalition 'The People First', which in addition
to his own PAN included the smaller Popular Party (Partido Popular, PP). He
began his five-year term on 1 July 2014.
Varela had been elected Vice President in May 2009 on the ticket led by
Ricardo Martinelli of the Democratic Change (Cambio Democrático, CD) who
was supported by a four-party coalition including the PAN, and was in
addition appointed Foreign Minister in Martinelli's government. However, due
to increasing disagreements between President Martinelli's CD and Varela's
PAN, he was dismissed as Foreign Minister in August 2011, but continued as
Vice President for the rest of his term.
Panama: An overview
5
Varela's main rival in the 2014 elections was the candidate of the CD, Jose
Domingo Arias, while the candidate of the Democratic Revolutionary Party
(Partido Democrático Revolucionario, PRD), Juan Carlos Navarro, also achieved
more than 25 % of the vote.
Figure 1:
Results of the presidential
elections 4 May 2014
Candidate Party / Coalition % of valid votesVotes
Juan Carlos Varela
Rodríguez
The People First (El Pueblo
Primero)
39.1 % (724 762)
José Domingo Arias United for Change (Unidos por un
Cambio)
31.4 % (581 828)
Juan Carlos Navarro Democratic Revolutionary Party (Partido Democrático Revolucionario, PRD)
28.1 % (521 842)
Genaro López
Broad Front for Democracy
(Frente Amplio por la Democracia,
FAD)
0.6 % (11 127)
Juan Jované Independent 0.6 % (10 805)
Esteban Rodríguez Independent 0.1 % (2 240)
Gerardo Barroso Independent 0.1 % (1 598)
Blank votes 14 944
Null votes 17 162
Total (Participation: 76.8 %) 1 886 308
Source: Tribunal Electoral (http://www.tribunal-electoral.gob.pa/html/index.php?id=1075)
President Varela came to
power with promises to
fight corruption and reduce
social inequalities.
The government's anti-
corruption efforts have
sparked a bitter
confrontation between
President Varela and his
predecessor, Ricardo
Martinelli.
Like his predecessor, President Varela is placed to the centre-right in the
political spectrum and has a business background. Varela came to power with
promises to work for a more transparent government and fight corruption,
and to reduce inequalities and boost social programmes.
One of the first measures adopted during Varela's six months in power was to
freeze the prices of 22 basic goods in order to reduce inflation and the costs of
living. The new government has also increased scholarships, launched a new
programme of economic assistance to the elderly and increased subventions
for social housing programme.
However, the most noticeable area of government action has been the fight
against corruption, particularly the launch of inquiries into alleged
government corruption under President Martinelli (2009-2014). In a speech to
the Panamanian parliament, the National Assembly (Asamblea Nacional) on 4
January 2015, the President stated that the country's institutions had been
weakened by corruption, clientelism and the abuse of public resources,
motivated by personal economic interests'.
The government's anti-corruption efforts have sparked a bitter confrontation
between President Varela and his predecessor. On 29 January 2015, the
Policy Department, Directorate-General for External Policies
6
Supreme Court (Corte Suprema de Justicia) endorsed the opening of an
investigation into claims that Martinelli personally was behind a scheme
through which the government signed inflated contracts with private
companies as part of a social assistance programme. Martinelli has stated that
the investigation is politically motivated and has accused President Varela of
persecuting the opposition.
2.1 Parliament
The two parties in the
political alliance which
supported Juan Carlos
Varela in the the May
2014 elections won only
13 of the 71 seats in the
National Assembly.
Even though President Varela received 39 % of the vote in the May 2014
elections, the two political parties in the political alliance which supported him
– the People First (El Pueblo Primero) –received only 23.5 % of the vote in the
election to the National Assembly. Winning only 13 of the Assembly's 71 seats
– 12 for the PAN, 1 for the PP – President's Varela's government from the start
has had to seek the support of other parties. So far, it has been supported by
the PRD, which signed a 'governability pact' with the PAN before Varela took
office, despite the fact that the two parties historically have been adversaries.
The election of 11 members of the Assembly was later annulled due to the use
of public funds in the campaign, and partial elections for their seats took place
in November-December 2014. As a result of these polls, the PAN increased its
number of seats from 12 to 16, while the former governing CD lost 5 of the 30
seats it had originally gained in May 2014.
Considering the lack of cohesion of the political parties and traditionally weak
party allegiances, it is likely that the composition of the Assembly will
continue to suffer modifications during the rest of the legislature.
Figure 2:Composition of Panama's National Assembly, outcome of the 2014elections
Panama: An overview
7
Figure 3:Composition of Panama's National Assembly, current (as published February 2015)
PRDPPPANMOLIRENA
CD
Partido Democrático Revolucionario (Democratic Revolutionary Party)Partido Popular (Popular Party)Partido Panameñista (Panamenista Party) Movimiento Liberal Republicano Nacionalista (Nationalist Republican Liberal Movement)Cambio Democrático (Democratic Change)
Sources: http://www.tribunal-electoral.gob.pa/html/fileadmin/user_upload/Elecciones/elecciones-2014/Cuadro_07_-_Diputado_Curules.pdf
http://www.asamblea.gob.pa/dip#
2.2 Foreign policy and international relations
In recent years, Panama's
foreign policies have
largely been a vehicle to
promote trade and
investment relations with
other countries and
regions.
Panama's foreign relations have been closely linked to the country's strategic
position and its establishment as an independent state in 1903, promoted and
supported by the USA to make possible the construction of the Panama
Canal. While relations to the US have been central to the country throughout
its history, relations to the other Central American countries and the rest of
Latin America have sometimes been distant.
In recent years, foreign policies have primarily been a vehicle for the
government's economic growth strategy, seeking to promote trade and
investment relations with other countries and regions. This has led to the
conclusion of several free trade agreements (FTAs), including with the other
Central American countries (2002), the USA (2007) and – together with the
rest of Central America – the Association Agreement signed with the EU on 29
June 2012.
After the restoration of elected governments in Panama in 1990 and the
transfer of the full sovereignty over the Panama Canal to the country in 2000,
Panama's relations with the USA have centred around two main issues: trade
and investment relations and the combat against drug trafficking. The USA is
Panama's main trading partner and principal export market, as well as a
significant source of foreign investment. A FTA between the two countries
entered into force in November 2012.
Despite Panama's singularity (as the only country on the continent created as
Policy Department, Directorate-General for External Policies
8
Panama is member of all
the main Latin American
integration and
cooperation schemes. The
Latin American Parliament
(Parlamento
Latinoamericano, Parlatino)
has been located in Panama
since 2008.
a result of the succession from another country (Colombia) and the limits on
its sovereignty stemming from the special relationship with the USA, Panama
is member of all the main Latin American integration and cooperation
schemes. The Latin American Parliament (Parlamento Latinoamericano,
Parlatino) has been located in Panama since 2008.
Panama signed the accord which in December 1991 established the Central
American Integration System (Sistema de Integración Centroamericana, SICA)
as the general framework and legal basis for the Central American integration
and in 2002 signed free trade agreements with the other five Central
American countries. However, Panama remained outside the Central
American common market and the economic integration, or the 'economic
subsystem' of SICA, until 2012. Panama's participation in the mechanisms for
economic and trade integration in Central America was a condition for joining
the EU-Central America Association Agreement.
Panama's relations with the countries in Asia and the Pacific have become
increasingly important. Panama is an observer to the Pacific Alliance (Alianza
Pacífica), which was established in 2011 by Chile, Colombia, Mexico and Peru
as an area of "deep" economic integration and to promote economic relations
with the countries of the Asia-Pacific area. Panama is expected to join as full
member of the Alliance once the country's free trade agreements with
Colombia (signed in September 2013) and Mexico (signed in April 2014) enter
into force.
3 The economy, trade and social issues
Panama's economy is
based on services –
mainly transports,
communications and
financial services – which
account for around 80 %
of total GDP.
Panama's economy is very different from the rest of Central America and the
wider region. It is mainly based on services – principally transports,
communications and financial services – which account for around 80 % of
total GDP. Benefiting from its geographical position between the Atlantic and
Pacific and between North and South America, the Panama Canal and the
activities in the Colon Free Trade Zone, the second most important free port
in the world after Hong Kong, are indispensable for the Panamanian
economy.
Figure 4:
Composition of the
economy, 2002 and 2012
Source: World Bank
Panama: An overview
9
In recent years, the
Panamanian economy
has registered the highest
growth rates in Latin
America.
The Panamanian economy has expanded without interruption every year
since 1989, and in recent years it has registered the highest growth rates in
Latin America (between 2002 and 2012, annual average GDP growth reached
8.4 %). After double digit-growth in both 2011 and 2012, the economy
expanded by 8.4 % in 2013 and by around 6-6.5 % in 2014. In 2015, economic
growth is expected to continue cooling down, although the projected growth
rate – around 6.4 % – is likely to be the highest in the region.
Figure 5:
GDP growth 2005-2015(in percentage).
Source: International Monetary Fund. World Economic Outlook Database, October 2014
Large public investments
in infrastructure and a
building boom have been
drivers of strong
economic growth.
Panama's economic
prospects are very much
linked to the ongoing
expansion of the Panama
Canal, which is expected
to conclude in early 2016.
The high growth rates have been stimulated principally by strong internal
demand, caused by a strong increase in both public and private consumption,
supported by growth-promoting economic policies
Large public investments in infrastructure (in addition to the expansion of the
Panama Canal) – for instance, the construction of Central America's first
metro transport system and the modernisation of the country's airports – and
a building boom (which has transformed Panama City into what has been
called 'Dubai on the Pacific') have been drivers of strong economic growth.
Panama's economic prospects are very much linked to the ongoing expansion
of the Panama Canal. The expansion was originally scheduled to conclude in
October 2014, but is likely to be delayed until early 2016. One of the
challenges of President Varela's government in the coming years will be to
deal with possibly lower economic growth, once the stimulus from the Canal
construction works disappears.
However, expectations are that the expansion will enhance the Canal's
competitiveness and share of the global maritime transport, thereby
increasing and making more sustainable the revenues generated by its use.
Revenues from the Canal have increased every year since 2000. In 2014, total
income from the Canal reached USD 2.63 billion, 9 % more than in the two
previous years. Of these, the Canal Authority foresees that USD 1 billion will
be transferred to the state as revenues. According to some estimates, the
Canal, including its multiplier effects on the economy as a whole, contributes
to perhaps up 30 % of Panama's GDP.
Policy Department, Directorate-General for External Policies
10
3.1 Trade and investment
Panama traditionally runs
a huge deficit in its
merchandise trade,
although this is partly
compensated by the
surplus in its trade in
services.
A large majority of Panama's exports – almost 95 % – are re-exports from the
Colón Free Zone. Of exports not originating in the Zone, the most important
export products in 2013 were fishery products, including shrimps, fruit
(particularly bananas and pineapples), metals and wood products. Of the re-
exports from the Colón Free Zone, the most important items were chemical
products, textiles and manufactures and machinery and electrical equipment.
Most exports went to Puerto Rico, Central America (including Panama itself),
Colombia and Venezuela.
Panama traditionally runs a huge trade deficit. In 2013, it reached USD 12.2
billion. Looking at the last decade, the value of imports almost quadrupled,
while exports (not including re-exports) stagnated. However, the deficit in
merchandise trade is partly compensated by an important surplus in its trade
in services, which in 2013 reached USD 5.1 billion, reflecting the importance of
the Panama Canal and other transport and communications activities.
Figure 6:
Panama's trade in goods
(USD billion)
Source: http://www.contraloria.gob.pa/inec/comercioexterior/
Figure 7:Panama's top five trading partners, 2013
Origin of imports Destination of exports Trade partners
# Origin € million % # Destination € million % # Partner € million balance
1 USA 2 757 20.1 1 EU 167 21.8 1 USA 2 900 - 2 614
2 China 1 423 10.4 2 USA 143 18.7 2 China 1 459 - 1 387
3 EU 1 183 8.6 3 Ecuador 57 7.4 3 EU 1 349 - 1 016
4 Brazil 1 134 8.3 4 Canada 50 6.6 4 Brazil 1 136 - 1 132
5 Colombia 698 5.1 5 Costa Rica 38 5.0 5 Colombia 708 - 688
All imports: 13 693 All exports: 765 Balance of trade: - 215.2
Source: European Commission, DG Trade
Panama: An overview
11
Inflows of foreign direct
investment (FDI) are
important, both in
absolute figures and in
comparison to the size of
the economy.
Inflows of foreign direct investment (FDI) have been very important,
particularly since 2006. In 2013, they reached USD 4 651 million, 61 % more
than in 2012 and an all-time high. Despite being a country of less than 4
million inhabitants, only five Latin America countries received more FDI in
absolute figures in 2013 than Panama. Of the total FDI flows to Central
America, 44 % went to Panama. The importance of FDI for the Panamanian
economy is reflected in the FDI/GDP ratio, which in 2013 was nearly 12 % – the
highest in Latin America. Most FDI go to the services sector (mainly transport
and banking) and manufacturing, but mining has attracted increasing
investment in recent years.1
Figure 8:
Panama's FDI stocks,
2004-2013
Source: UNCTAD
3.2 Social issues
Despite strong economic
growth, poverty rates
remain relatively high and
have diminished at a slower
pace than the economy has
expanded.
Panama's service-based economy has in recent years developed into the
perhaps most prosperous in Latin America. Panama is an upper middle
income country and its per capita GDP is higher than two EU countries. The
structure of the country's economy and society, with a huge service sector and
ample middles classes, bears more resemblance to the industrialised world
than its Central and Latin American neighbours.
However, despite years of strong economic growth, poverty rates remain
relatively high and have diminished at a slower pace than the economy has
expanded. According to figures from the Ministry of Economy and Finances2,
while poverty stood at 38.3 % of the Panamanian population in 2006, the rate
had been reduced to 25.8 % in March 2014. Similarly, the rate of people living
1
http://www.cepal.org/en/publications/36805-foreign-direct-investment-latin-america-and-caribbean-20132http://www.mef.gob.pa/es/informes/Documents/Informe%20Economico%20y%20Social%20-%20Primer%20Semestre%202014.pdf
Policy Department, Directorate-General for External Policies
12
This reflects income
inequalities and differences
in living conditions
between the central areas
of Panama and the rest of
the country.
in indigence diminished from 17.6 % to 11.0 % during this period.
This reflects important income inequalities and differences in living conditions
between the central areas of Panama and the rest of the country. Panama is
largely a 'dual' economy and society, with the service industries, the huge
infrastructure programmes and foreign investment concentrated in the
capital, Panama City, and around the Canal Zone, while agriculture is the
dominating activity in the rest of the country. Poverty is thus to a large extent
a rural phenomenon: it is estimated that 3.3 % of the population in urban areas
lived in extreme poverty in March 2014, but this percentage reached 26.3 % in
rural areas. Poverty, including extreme poverty, particularly affects the
indigenous population.
Social spending per capita and as percentage of GDP has increased since 2006
and is close to the regional average.
4 The EU and Panama
Panama's National
Assembly ratified the EU-
Central America
Association Agreement in
March 2013. The trade
provisions of the
Agreement entered into
force for Panama on
1 August 2013.
The European Parliament
has emphasised the need
for the EU to have a
delegation in Panama.
Relations between the EU and Panama have developed in the framework of
the San José Dialogue, launched in September 1984 as part of European
support for the peace processes and democratisation in Central America.
Panama participated in the very first San José meetings as member of the
Contadora Group (which mediated in the Central American armed conflicts)
and later in addition to the five other Central American countries. Since 1993,
when Panama became full member of SICA, the status of the country has
been similar to that of the other countries in the sub-region. The Panamanian
National Assembly ratified the EU-Central America Association Agreement on
25 March 2013. The trade provisions of the Agreement entered into force for
Panama on 1 August 2013.
Despite Panama's status as an economic and logistical hub in the region, there
is no independent EU delegation in the country. The European Parliament has
on two occasions (in resolutions concerning the discharge of the EU budget
for 2011 and 2012) emphasised the need for the EU to have a Delegation in
Panama.
As an upper-middle income country, Panama is no longer eligible for bilateral
development cooperation aid from the European Commission under the
Development Cooperation Instrument (DCI), but benefits from the regional
cooperation programme with Central America and the horizontal
programmes covering all of Latin America. In quantitative terms, cooperation
with Panama has been modest. Of the amounts allocated by the European
Commission for bilateral cooperation with the countries of Central America
between 2002 and 2013, Panama received a mere 4 %. In the 2007–2013
period, the European Commission allocated EUR 38 million for bilateral
cooperation with Panama. Cooperation focused on two priority areas:
fostering social cohesion through the alleviation of poverty and addressing
geographical inequalities and exclusion; and promoting Panama's
participation in the Central American economic and trade integration.
Panama: An overview
13
Panama is the EU's
second trading partner in
Central America after
Costa Rica. In 2013, EU-
Panama trade
represented 29 % of the
total value of the EU's
trade with the six Central
American countries.
Panama is the EU's second trading partner in Central America after Costa
Rica. In 2013, the value of EU-Panama trade reached EUR 3 536 million,
representing 29 % of the total value of the EU's trade with the six Central
American countries.
The 2013 figure represented a 15 % increase in the value of EU-Panama trade
over 2012. Looking at the 2003-2013 period, EU exports to Panama have
increased by 77 %, while the evolution of imports from Panama has been
erratic; overall, they grew by a mere 16 % in this period. The balance of trade is
strongly in the EU's favour, with a surplus of EUR 2 118 million in 2013. The
value of EU exports to Panama was more than four times higher than the
value of the imports from the country.
Figure 9:EU trade with Panama (EUR millions), 2006-2013
Source: European Commission, DG Trade
Figure 10:
Panama's trade in goods
with the EU
Imports from EU: Exports to EU:
Value 2013: EUR 1 183 million EUR 167 million
EU's rank (for Panama), 2013: 3 1
Panama's rank (for EU), 2013: 85 60
% Panama's total, 2013: 8.6 % 21.8 %
% EU total, 2013: 0.0 % 0.2 %
Source: European Commission, DG Trade
In contrast to other Central American and Latin American countries, Panama's
exports to the EU are not dominated by primary products. This is due to the
importance of manufactures, representing 55 % of EU imports from Panama
in 2013, with transport equipment occupying the first place and sea-going
vessels the most important category. Agricultural products accounted for
37 % of all EU imports from Panama. EU sales to Panama are dominated by
manufactures, such as machinery, transport equipment and chemicals.
The European Parliament's engagement with Panama focused on the political
situation in the country and the US military invasion in 1989, and more
recently, on the Central American integration process and the negotiation of
Policy Department, Directorate-General for External Policies
14
The European
Parliament's engagement
with Panama has focused
on the Central American
integration process and
the negotiation of the EU-
Central America
Association Agreement.
the EU-Central America Association Agreement.
Parliamentary contacts and exchanges with Panama have primarily taken
place in the framework of the European-Latin American Parliamentary
Assembly (EuroLat) and the relations with Parlacen.
The most recent visit to Panama by a working group from the Delegation for
relations with the countries of Central America took place on 29 October 2012.
During the visit, the group met with Panama's Minister for External Relations,
Minister for the Presidency, Minister for Trade and Industry, first Vice
President of the National Assembly and various members of the Assembly,
and President of the Parlatino, Elías Castillo. The Delegation also met with the
administrator of the Panama Canal Authority and visited the construction
works to expand the Panama Canal.
The EuroLat's Executive Bureau met in Panama on 29 October 2009.
Panama: An overview
15
5 Basic data
People and geography Source:
Population 3 913 275 (2014, estimated) 4 278 500 (2020, estimated)
Instituto Nacional de Estadística y Censo(INEC)
Capital city Panama City 880 691 Instituto Nacional de Estadística y
Censo(INEC)Other major cities San Miguelito 315 019
(census 2010) Arraiján 220 779
Total land area 75 517 km2 Instituto Geográfico Nacional
Poverty 23.2 % of population in poverty (2013)12.2 % of population in indigence (2013)
ECLAC: Social Panorama of Latin America 2014
Life expectancy at birth(2012)
80 ( women)74 (men)
World Health Organisation
Literacy rate (adult) 94.1 % (2010) UNESCO
Economy 2014 2015
GDP (million USD; current
prices)44 694 49 142
IMF, World Economic Outlook Database, October 2014
GDP growth 6.6 % 6.4 %
GDP per capita (USD,
current prices)11 800 12 744
Inflation (%) 6.8 % 5.5 %
Unemployment 4.8 % (August 2014)Instituto Nacional de Estadística y Censo (INEC)
Rankings
Name of index: Ranking: Explanation and source:
Human development index 'High'65 /187; 4 /20 LAC.
United Nations Development Programme, 2013.
Corruption Perceptions 94/ 174; 9 / 20 LAC Transparency International - Corruption Perceptions Index 2013
Press freedom 103 / 197; 9 / 20 LAC Freedom House - Freedom of Press Index 2013
Competitiveness 48 / 144; 2 / 18 LAC World Economic Forum: The Global Competitiveness Report 2014-2015
'Ease of doing business' 52 / 189; 5 / 19 LAC International Finance Corporation / World Bank -Doing Business Index 2014
Policy Department, Directorate-General for External Policies
16
6 Map
Source: http://www.nationsonline.org/oneworld/map/panama-political-map.htm