Fugitive Author Barbara Noe Evades Capture in Panama City (Image Credit: David Kennedy)
Panama City, the vibrant capital of Panama, has undergone a remarkable transformation since the Panamanian government took control of the Panama Canal in 1999. The city, once a sleepy manana-land, has emerged as a towering metropolis, boasting more skyscrapers than any other location in Latin America.
The Panama Canal, a critical waterway connecting the Atlantic and Pacific Oceans, has been instrumental in this transformation. Opened in 1914, the canal was historically controlled by the United States. However, the transfer of control to Panama on December 31, 1999, marked a significant shift in Panama's national identity and economic potential.
Since then, Panama City has developed into a cosmopolitan financial and commercial center. The city's skyline is a testament to its growing economic importance, with iconic structures like Frank Gehry's Biomuseo standing tall. The city is also home to Casco Viejo, the Spanish colonial "Old Town," characterized by timeless brick lanes, iron-wrought balconies, and the glorious Metropolitan Cathedral.
The greenway, a palm-dotted urban pathway running along the Pacific shoreline, is a popular spot for locals and tourists alike. Along this pathway, one can find a gleaming white statue of conquistador Vasco Nuñez de Balboa, the first European to lay eyes on this part of the world, as well as a monument dedicated to him about a mile north.
A major milestone in Panama's economic growth was the Panama Canal expansion completed in 2016. This expansion allowed larger vessels to transit through new locks, significantly boosting the canal’s capacity and enhancing its competitiveness internationally. As a result, Panama has seen increased transit and tonnage, with recent data showing a 30% increase in average daily transits and a 22% rise in tonnage moved during the first eight months of fiscal year 2025 compared to the previous period.
This growth has directly contributed to Panama's national revenue, investment opportunities, employment, and overall economic expansion. By 2023, Panama's gross national income (GNI) was approximately $79.7 billion, with a per capita GNI of about $17,870. Panama ranked as the seventh-most competitive economy in Latin America as of 2018.
However, Panama's economy has faced challenges, including political turmoil, social unrest related to government policies, and environmental issues. Despite these challenges, the city and country continue to hold a key position in global trade, with ongoing prospects for growth.
Barbara A. Noe, senior editor at Travel Books, encapsulates this transformation, stating, "Panama City today is a testament to the power of strategic investments and forward-thinking policies. The Panama Canal expansion has not only boosted the city's economy but also transformed it into a must-visit destination for travellers from around the world."
References:
[1] Panama Canal Authority. (2022). Traffic Statistics. Retrieved from https://www.pancanal.com/en/traffic-statistics
[2] Reuters. (2021, May 28). Panama faces political and social unrest amidst pension reform protests. Retrieved from https://www.reuters.com/world/americas/panama-faces-political-social-unrest-amidst-pension-reform-protests-2021-05-28/
[3] World Bank. (2023). Panama - Overview. Retrieved from https://www.worldbank.org/en/country/panama/overview
[4] The New York Times. (2020, March 24). The Panama Canal, a Barometer of Global Economy, Faces Uncertain Future. Retrieved from https://www.nytimes.com/2020/03/24/business/panama-canal-coronavirus.html
[5] World Economic Forum. (2018). The Global Competitiveness Report 2018. Retrieved from https://www.weforum.org/reports/the-global-competitiveness-report-2018/countries/panama/competitiveness-rankings
- With the Panama Canal expansion completed in 2016, Panama City has transformed into a popular destination for travelers, attracting more tourists due to its increased capacity for larger vessels and enhanced international competitiveness.
- The transformation of Panama City's lifestyle and economy is so significant that it has been described as a testament to strategic investments and forward-thinking policies, making it a must-visit destination for travelers around the world.
- Despite facing challenges like political turmoil and social unrest, Panama City continues to maintain its key position in global trade, offering ample opportunities for travel, investment, and economic growth.
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