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1 1 (March 6, 2024)

handle is hein.crs/goveonk0001 and id is 1 raw text is: I nf gresinaI Research Serv ce niinc [h iea Ilived d s it 1914 Updated March 6, 2024 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. Given its strategic importance to U.S. commerce and security, some Members of Congress have demonstrated interest in strengthening the U.S. partnership with Panama. Figure I. Map of Panama Political and Economi Envronment Panama reestablished representative democracy in 1989, following a U.S. military intervention that ousted the military regime of General Manuel Antonio Noriega. Since then, Panama has held regular free and fair elections and generally has respected civil liberties and political rights, although corruption has remained a challenge. Current President Laurentino Nito Cortizo of the center- left Democratic Revolutionary Party (PRD) was inaugurated to a five-year term in July 2019 after narrowly winning the May 2019 presidential elections with 33% of the vote in a seven-candidate contest. Cortizo's PRD also won 35 seats in Panama's 71-seat unicameral National Assembly; it entered into a coalition with the National Republican Liberal Movement, which has five seats, providing the government with a legislative majority. Cortizo has faced a series of political and economic setbacks over the course of his term, contributing to an 88% disapproval rating in February 2024, according to one poll. In July 2019, he introduced a package of constitutional and public sector reforms to reduce corruption and improve public services. The reforms were largely sidetracked by the COVID-19 pandemic in 2020 and stalled after a series of nationwide labor strikes and protests weakened support for Cortizo and the PRD. The pandemic also took a toll on Panama's services-based economy, which averaged almost 6.2% growth annually from 2010 to 2019 but contracted by 17.9% in 2020 due to the slowdown in international commerce and shipping, according to the International Monetary Fund (IMF). Growth returned in 2021, with gross domestic product (GDP) expanding by 15.8%, and continued in 2022 with an estimated expansion of 10.8%. GDP growth slowed to an estimated 6.0% in 2023, and the IMF projects GDP growth of approximately 4.0% in 2024. Panama at a Glance Population: 4.45 million (2022, IMF est.) Area: 29,120 square miles, slightly smaller than South Carolina (CIA World Factbook) Gross Domestic Product (GDP): $87.24 billion (2024, current prices, projected, IMF) Per Capita GDP: $19,350 (2024, current prices, projected, IMF) Key Trading Partners: United States (20.1%), China (15.0%), Japan (4.3%), 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). Panama's next elections are scheduled for May 5, 2024. Until February, polls had suggested that former President Ricardo Martinelli (2009-2014) was the front-runner for the presidential election in a crowded field of candidates, despite a prison sentence that constitutionally bars him from running for president. In February 2024, the Supreme Court of Panama upheld a July 2023 money-laundering conviction sentencing Martinelli to more than 10 years in prison. Panama's electoral court formally annulled Martinelli's candidacy on March 4, 2024. Martinelli was granted political asylum by Nicaraguan President Daniel Ortega and has been residing in the Nicaraguan Embassy in Panama since February. According to a poll conducted in mid-February, Jos6 Radl Mulino-initially Martinelli's running mate from the Realizing Goals party-led the race with a 19.8% support. R6mulo Roux, the Democratic Change candidate and Martinelli's former Minister of Panama Canal Affairs, followed closely behind with 19.6% of the vote. Incumbent Vice President Jose Gabriel Carrizo was next with 15.7% support, followed by former President Martin Torrijos (2004-2009), who had 11.8% support. US.-Panama Relations Close U.S.-Panamanian relations stem in part from the extensive linkages developed when the Panama Canal was under U.S. control (1914-1999) and Panama hosted major U.S. military installations. Some Members of the 118th Congress have sought to strengthen the partnership by increasing cooperation on commercial, migration, and

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