Today Panama has become a very busy place with lots of investment opportunities. It has become comparatively easy for people to set up a business here because of the various exemptions provided by the government. Panama was also affected a little by the worldwide business slowdown. However the GDP of the country did not ever drop below 3 percent. Even the traffic through the Panama Canal has reduced a little however the authorities are enthusiastic of expanding the Panama Canal which will eventually bring in more revenues.
The services sector has contributed significantly to the economy. The most important service sectors include tourism, banking and insurance. The middle class of Panama is having a higher disposable income as before. Because of the fall in property values in North America many people had to sell properties in Panama to cover their mortgages back home. The real estate prices in Panama also fell like in North America. Today there are a lot of underpriced properties in Panama that are waiting for investors to pick them up.
Panama is going to see a lot of progress in the future as the services sector has a lot of scope to expand. The expansion of the Panama Canal is going to being in thousands of direct and indirect jobs that are related to the canal. The expansion will lead tor increase in the global shipping patterns. The Canal has been in business since 1914. Its construction was considered the greatest engineering marvel of all time.
The canal locks were built for American warships to pass through in the beginning. Then passenger ships and cruises were also allowed to pass through after paying toll. The largest ship that can pass through the canal is called Panamamax. The expansion of the canal will lead to doubling the overall capacity.