Panama is an international business centre and is also a transit country. In Central America, Panama is the second most industrialized country. Panama's economy is mainly service-based, heavily weighted toward banking, commerce, tourism, trading and private industries because of its key geographic location.
Panama is the southernmost country of Central America. It is an international business centre and is also a transit country. In Central America, Panama is the second most industrialized country, behind El Salvador. Panama is also the third largest economy on Central America,and has the largest expenditure on resource consumption, making the country largest consumer in Central America. Panama is situated just a few degrees above the equator, so temperatures vary little from month to month. The high standards of living and first world infrastructure shows Panama's strong and thriving economic growth. Panama's economy is mainly service-based, heavily weighted toward banking, commerce, tourism, trading and private industries because of its key geographic location. Panama has been classified as not being a developed country, but is firmly established as an upper middle-income country and has the strongest level of infrastucture in Central America. Transportation in Panama is fairly well developrd. The majority of the trips are done by car while a great part in public transport. The public transportation system is in need of modernization and other improvements.
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