Panama: The business hotspot in Latin America

Annual Latin Business Index – Latin Business Chronicle – announced this week that Panama is the number one country in the region for doing business…

Panama gained the top spot thanks to improvements in a variety of categories, including: doing business, economic freedom, competitiveness and technology. The improvements helped offset Panama's lower GDP score compared to last year.

A recent LBC article detailing the report says: "Panama is now the only country that is among the top five in all our five main categories." In addition to this ranking, Panama continues to be the most globalized country in the region, as per the LBC's Latin Globalization Index.

Factors contributing to economic growth in Panama include the $5.2 billion Panama Canal expansion mega-project and Panama's fast-growing shipping sector. Panama Pacifico, one of the largest real estate projects in the world today, is luring multinationals like Dell and Caterpillar into setting up regional headquarters in Panama. The tiny Central American nation also boasts the City of Knowledge, where NGOs such as UNICEF have regional headquarters, as well as the world's top shipping registry, the world's second-largest free zone (after Hong Kong), and the region's largest international banking district.

Source: International Living

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