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1 1 (July 18, 2022)

handle is hein.crs/goveikh0001 and id is 1 raw text is: Congress bnal Re earch Service in forrning [h ieg Ilthve I db sin e 1914 Updated July 18, 2022 Panama: An Overview Panama's central location in the Americas (linking North and South America), large financial sector, use of the U.S. dollar as currency, and transportation infrastructure- especially the Panama Canal, which connects the Atlantic and Pacific Oceans-make the country a global trade hub and a strategic partner for the United States. Figure I. Map of Panama Source: CRS. Political and Economic Environment Panama holds regular free and fair democratic elections and generally respects civil liberties and political rights, although corruption remains a challenge. Current President Laurentino Nito Cortizo of the 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-seat National Assembly; it is working in coalition with the National Republican Liberal Movement (Molirena), which has five seats in the assembly, providing the government with a majority. The next national elections, both legislative and presidential, are scheduled for May 2024; the constitution prohibits immediate presidential reelection for two terms. Cortizo heads Panama's seventh civilian government since the December 1989 U.S. military intervention that ousted the military regime of General Manuel Antonio Noriega. The endurance of elected civilian democracy in Panama for more than 30 years is a significant departure from the country's history of military rule, including the populist rule of General Omar Torrijos (1968-1981) and the increasingly repressive rule of Noriega (1983-1989). Cortizo succeeded Juan Carlos Varela (2014-2019) of the center-right Panamenista Party. Varela served as vice president during the Ricardo Martinelli administration (2009-2014) and as foreign minister for two years until Martinelli dismissed him in response 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 a public welfare program and illegal wiretapping and pardons. The United States extradited Martinelli to Panama in 2018; he was acquitted twice on illegal wiretapping, most recently in November 2021, and reportedly is considering running for president in 2024. In December 2021, the former president's two sons pleaded guilty to money laundering in U.S. federal court in New York in a case involving Odebrecht, the Brazilian construction company. Panama at a Glance Population: 4.337 million (2021, IMF est.) Area: 29,120 square miles, slightly smaller than South Carolina GDP: $63.6 billion (2021, current prices, IMF est.) Real GDP Growth (% change, constant prices, IMF): 2019, 3.0%; 2020, -17.9%; 2021, 15.3% est.; 2022, 7.5% forecast Per Capita GDP: $14,664 (2021, current prices, IMF est.) Key Trading Partners: U.S. (20.3%), China (16.2%), Mexico (3.9%), Spain (3.7%), and Costa Rica (3.3%) (2021, total trade, TDM) Sources: International Monetary Fund (IMF); World Economic Outlook Database, April 2022; Panama National Institute of Statistics, as presented by Trade Data Monitor (TDM). Like other countries worldwide, Panama faced severe public health and economic impacts of the Coronavirus Disease 2019 (COVID-19) pandemic. As of mid-July, 2022, Panama reported over 8,380 deaths (with a mortality rate of 194 per 100,000 people) and 72% of its population was fully vaccinated, according to Johns Hopkins University. The government has purchased vaccines from pharmaceutical companies, received vaccine donations from the United States (see below), and procured some vaccines through the COVID-19 Vaccines Global Access Facility, a mechanism developed by global health organizations to facilitate equitable vaccine distribution. Panama's services-based economy averaged almost 6.2% growth annually from 2010 to 2019, according to IMF statistics, in large part due to the Panama Canal expansion and other large infrastructure projects. These projects include a metro system for Panama City; a third bridge over the canal; and expansion of the 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. Due to the pandemic, however, Panama's economy contracted 18% in 2020; poverty also increased, according to the World Bank, but would have been higher had it not been for targeted social programs. The IMF estimates 15% growth in 2021 and projects 7.5% growth in 2022. Increased mining and the metro system expansion are contributing to growth, but a weakening of the global economy due to Russia's 2022 invasion of Ukraine could

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