A: Panama lies on the geographical coordinates of 9° 0' 0" N, 80° 0' 0" W.

Latitude and Longitude of Panama in other units:

More detail about Panama

Panama Counting on Services Sector

Panama has a high growth rate when compared to other countries in this area. Even though it has slowed down because of the global financial crisis, the growth has started up once again. The economy of this nation is dependent upon the services sector for their growth and in fact for almost three quarters of their economy. The services that are the most important to this area include banking, insurance, container ports, flagship registry, tourism, medical care, healthcare, the Colon Free Zone, and the Panama Canal.

The expansion of the Panama Canal is a major element to the economy of this country. It is set to be completed in 2014 and equal to over $5 billion dollars. There are expected to be between 7,000 and 9,000 jobs created at the peak point of this project to which they are currently in the midst of.

There is also expected to be a great long term effect of this project in terms of economic activity. This canal will be so large that it will be able to handle every container vessel in the world except for the eight largest. This includes the super-sized tankers and bulk carriers that contain grain and ore.

The global financial crisis had a negative impact on Panama. The growth slowed in 2008 and 2009 but started to move back into the positive numbers in 2010. It is expected to continue this improvement through 2011. This growth has been created mostly by the construction, transportation, tourism and maritime sectors, as well, of course, as the activities relating to the expansion of the canal.

During the last five years, the poverty level fell by several percentage points ? a definite move in the right direction. With the new free trade agreements that were signed with Canada in 2010, they are sure to see even more improvement within the country.