Panama, the largest city of the Republic of Panama is a nucleus for several economic activities. Being the centre of attraction, the city plays a significant role in Panamanian economy, where a large financial sector is served by banking, commerce and tourism. In fact, an important part of economy is mainly dependent on international trade and shipping activities, which are related to Panama Canal and other port facilities located at Balboa.Photo Credit:GFDL/Juvntus
With 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 shows that there are almost 80 banks in Panama City. Out of them, it has around 15 national banks, which are prerequisite for the city’s stable economic condition. Up to 55% of the country GDP is mainly secured by Panama City.
The city is a home ground for numerous businesses. Many firms are located in and around its metro area. It is a perfect destination for tourists and a stopover for several locations in the country. In order to develop tourism, the city is taking swift steps to encourage many visitors. Because of the developments in hospitality industry, the city has witnessed a remarkable boost in the revenue generation. At present, the city boasts different luxurious hotels, which are identified by their brands such as Marriott, Sheraton, and InterContinental.