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1 1 (May 27, 2021)

handle is hein.crs/govedlw0001 and id is 1 raw text is: Updated May 27, 2021 Panama: An Overview Panama's central location in the Americas (linking North and South America), large financialsector, use of the U.S. dollar as currency, and transportation infrastructure- especially thePanama Canal, which connects the Atlantic and Pacific Oceans -make the country a glob altrade hub and a strategic partner for the United States. Figure I. Map of Panama Source: CRS. Political and Economic Environment Current President Laurentino Nito Cortizo ofthe center- left Democratic Revolutionary Party (PRD) won a narrow victory in Panama's May 2019 elections, receiving 33% of the vote in a seven-candidate contest. Cortizo's PRD also won 35 seats in Panama's 71-seatNationalAssembly;it is working in coalition with the National Republican Liberal Movement(Molirena), which has five seats in the As sembly, providing the govemment with a majority. Cortizo heads Panama's seventhcivilian government since the December 1989 U.S. military intervention that ousted the military regime of General Manuel Antonio Noriega. The endurance ofelectedcivilian democracy in Panama for more than 30 years is a significant departure fromthe country's historyof military rule, including the populist rule of General Omar Torrijos (1968-1981) and the increasingly repressive rule ofNoriega (1983-1989). Cortizo s ucceeded Juan Carlos Varela (2014-2019) of the center-right Panameiista Party. Varela served as vice president during the Ricardo Martinelli administration (2009-2014) and as foreign minis ter for two years until Martinelli fired him, related to Varela's allegations of governmental corruption. Once in office, the Varela administration pursued numerous corruption cases against Martinelli government officials, including Martinelli himself, who was investigated over irregularities in apublic welfare programand illegal wiretapping and pardons. Martinelli was extradited fromthe United States to Panama in June 2018; in August 2019, he was acquitted of ordering the illegal wiretapping of his opponents, but this verdict was overturned in November 2020. He could face anew trial. Like other countries worldwide, Panama is contending with the s evere public health and economic consequences of the Coronavirus Disease 2019 (COVID-19) pandemic. Initially, the government's strong response, with school and workplace closures, was credited with for curbing the disease's spread of the disease. Cases and deaths, however, surged fromNovember 2020 to January 2021. As of May 27, 2021, Panama had reported over 6,300 deaths, with a COVID-19 mortality rate of almost 150 per 100,000 people (the highest rate in Central America) according to Johns Hopkins University. Accordingto the New York Times vaccination tracker, Panama had fully vaccinated8% of its population as of May 27, 2021. The governmenthas procured some vaccines through theCOVID-19 Vaccines Global Access (COVAX) Facility, a mechanismdeveloped by globalhealth organizations to facilitate equitable vaccine distribution. It also has negotiated agreements with pharmaceutical companies. Its goalis to vaccinate 80% ofits population. Panama at a Glance Population: 4.279 million (2020,IMF). Area: 29,120 square miles, slightly smaller than South Carolina. GDP: $52.9 billion (2020,current prices, IMF est.). Real GDP Growth (*o change, constant prices, IMF): 2019, 3.0*o; 2020, - 7.9*o est.; 2021, 12.0%, projected. Per Capita GDP: $12,373 (2020, current prices, IMF). Key Trading Partners: U.S. (22.2*o), China (1 2.5*o), Mexico (4.9o), Spain (4.2*o), and Costa Rica (4.1*) (2020,total tade, Panama National Institute of Statistics). Note: IMF = International Monetary Fund. Panama's services-based economy averaged almost 6.9% growth annually from2010 to 2017, according to the International Monetary Fund (IMF), in large p art because of the Panama Canalexpansion andother large infrastructure projects, such as a metro systemfor Panama City; a third bridge over the canal; and expansion ofthe country's airports, roads, and highways. The Panama Canal expansion was completed in 2016 and included adding a new set of locks and channels, which doubled the canal's capacity and allowed it to accommodate giant container cargo ships. Economic growth slowed to 3.6% in 2018 and 3% in 2019 but was still among the highestin the region. Due to the pandemic, the IMF estimates the economy contracted almost 18% in 2020 but forecasts that economic growth will reach 12% in 2021. Increasedmining and a metro s y s temexp ansion are contributing to economic growth.

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