Panama’s Canal Expansion and its Effects on the Nation
The current Panama Canal expansion program is the first major expansion since the canal was built nearly a hundred years ago. It is also one of the megaprojects fueling Panama’s impressive sustained economic growth.
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Panama has ranked as one of the fastest growing economies in the Americas since 2007. Earlier this year, the Wall Street Journal reported that the economy of Panama was slated to continue thriving “after posting double-digit growth for two straight years.” Bottom line, Panama’s per capita GDP has more than doubled over the past decade, thanks to a strong service sector that includes the $1 billion in profits generated by the canal every year.