Panama (Panamá [panaˈma]), officially called the Republic of Panama (Spanish: República de Panamá), is a country in Central America situated between North and South America. It is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean to the north and the Pacific Ocean to the south. The capital and largest city is Panama City, whose metro area is home to nearly half of the country's 3.6 million people.
Panama was inhabited by several indigenous tribes prior to settlement by the Spanish in the 16th century. It broke away from Spain in 1821 and joined a union of Nueva Granada, Ecuador and Venezuela named the Republic of Gran Colombia.
When Gran Colombia dissolved in 1831, Panama and Nueva Granada remained
joined, eventually becoming the Republic of Colombia. With the backing
of the United States, Panama seceded from Colombia in 1903, allowing the
Panama Canal to be built by the U.S. Army Corps of Engineers between 1904 and 1914. In 1977, an agreement
was signed for the total transfer of the Canal from the United States
to Panama by the end of the 20th century, which culminated on 31
December 1999.
Revenue from canal tolls continues to represent a significant portion of
Panama's GDP, although commerce, banking, and tourism are major and
growing sectors. Panama has the second largest economy in Central America and is also the fastest growing economy and largest per capita consumer in Central America. In 2013, Panama ranked 5th among Latin American countries in terms of the Human Development Index, and 59th in the world. Since 2010, Panama remains the second most competitive economy in Latin America, according to the World Economic Forum's
Global Competitiveness Index. Covering around 40 percent of its land
area, Panama's jungles are home to an abundance of tropical plants,
animals and birds – some of them to be found nowhere else on the planet.
Thank you, Blanca !
Sent on: March 30, 2015
Received on: May 4, 2015
Sent on: March 30, 2015
Received on: May 4, 2015
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