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1 1 (May 17, 2023)

handle is hein.crs/govelqw0001 and id is 1 raw text is: Congress bnal Res arch Service inforrnin the [egisblive dIbTh SIn1 0 1914 Updated May 17, 2023 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. Within Central America, it is arguably the closest strategic partner of the United States. Figure I. Map of Panama Source: CRS. Politia and E conomic 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 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 legislative majority. 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. Cortizo succeeded Juan Carlos Varela (2014-2019) of the center-right Panamenista Party. Varela served as vice president and foreign minister during the Ricardo Martinelli administration (2009-2014). 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 charges, most recently in November 2021. In July 2022, Martinelli declared he would run for president in 2024. In January 2023, the U.S. Department of State designated Martinelli and his immediate family ineligible for entry into the United States under existing anti-corruption authorities due to Martinelli's involvement in corruption in Panama. Panama at a Glance Population: 4.45 million (2022, IMF est.) Area: 29,120 square miles, slightly smaller than South Carolina (CIA World Factbook) GDP: $71.1 billion (2022, current prices, IMF est.) Real GDP Growth (% change, constant prices, IMF): -17.9% in 2020; 15.3% in 2021; 7.5% in 2022 (2023 est.), 4.0% in 2023 (projected) Per Capita GDP: $16,173 (2022, current prices, IMF est.) Key Trading Partners: United States (20.1%), China (15.0%), Japan (4.2%), Mexico (3.7%), and Costa Rica (2.5%) (2022, total merchandise trade, TDM) Sources: Central Intelligence Agency (CIA) World Factbook, International Monetary Fund (IMF), Panama National Institute of Statistics, as presented by Trade Data Monitor (TDM). In July 2019, President Cortizo introduced a legislative package of constitutional and public sector reforms intended to reduce corruption and improve public services. The reforms were largely sidetracked by the onset of the Coronavirus Disease 2019 (COVID-19) pandemic in 2020 and stalled after a series of nationwide labor-related strikes and protests weakened public support for Cortizo and the PRD. In June 2022, Cortizo announced he had been diagnosed with a rare blood disorder but said he planned to serve through the end of his term in July 2024. Should the president be unable to complete his term, under Panama's constitution, current Vice President Jose Gabriel Carrizo of the PRD would assume presidential duties. The next national elections, both legislative and presidential, are scheduled for May 2024. Panama experienced severe public health and economic impacts as a result of the pandemic. As of March 2023 (latest data available), Panama reported around 1 million confirmed COVID-19 cases and 8,609 deaths, a mortality rate of 199 deaths per 100,000 people-the highest in Central America. Panama's services-based economy, which averaged almost 6.2% growth annually from 2010 to 2019, according to International Monetary Fund (IMF) statistics, was especially vulnerable to the pandemic-induced global economic contraction in 2020. The sharp slowdown in international commerce and shipping caused Panama's economy to contract by 17.9% that year. Growth returned in 2021, with GDP expanding by 15.3%, and the trend continued with an estimated 7.5% expansion in 2022. Increased copper mining revenues, a recovery in private investment, and strong activity related to the Panama Canal are contributing to the recovery. Tightening financial conditions since 2022 have dampened expectations for

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