Panama, the largest city of the Republic of Panama, is a nucleus for several economic activities. The city plays a significant role in the Panamanian economy, where a large financial sector is served by banking, commerce and tourism. In fact, a significant part of the economy is mainly dependent on international trade and shipping activities in Panama Canal and other port facilities located at Balboa.
With the ongoing extension of the Panama Canal, the city is progressing at a fast pace. On the other hand, Panama City has grown up as a hub for real estate investment. The statistics show that there are almost 80 banks in the city. Out of them, 15 banks are national banks helping the stable economic condition of the city. Panama City mainly secures up to 55% of the country GDP.
The city is home to numerous businesses located in and around the metro area. It is a perfect destination for tourists and a stopover for several locations in the country.
Many international hotel chains, like Radisson, RIU and Le Méridien, have opened more hotels in the city. Because of the development in the hospitality industry, the city has witnessed a remarkable boost in revenue generation. In 2006, the Trump Ocean Club was built by the Trump Organization, which was renamed in 2018 as The Bahia Grand Panama.