Panama - European Parliament · 2018. 7. 23. · Panama: An overview 3 Table of contents 1 European Parliament–Panama: Milestones 4 2 Political situation 4 2.1 Parliament 6 2.2

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

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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


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


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


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.


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


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


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 %


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


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


16

6 Map

Source: http://www.nationsonline.org/oneworld/map/panama-political-map.htm