PANAMA’S ECONOMY GROWS AND ITS CAPITAL IS AMONG THE MOST COMPETITIVE CITIES WORLDWIDE

March 28, 2012

While Panama´s economy grows consistently, its capital city ranked #88 among the most competitive cities around the world according to The Economist magazine published on Tuesday, March 13. The ranking took into consideration some 120 cities with proven abilities to attract tourists, investors and international companies, among other factors.

The three leading cities worldwide are New York, London and Singapore, in that order. Paris and Hong Kong were tied for the fourth place. Tokyo, Zurich, Washington, Chicago and Boston rounded out the first 10 places. Eleven European cities and 10 US cities were in the top 30. In Latin America, Buenos Aires is the leading city ranking #60; Sao Paulo 62; Santiago 68; Panama #88; Lima #89; Bogota #90, Monterrey #96 and Medellin #98.

With the recently approved USA-Panama Free Trade Agreement, Panama will also find greater opportunities to boost its economy as businessmen will be looking forward to establishing offices, setting up manufacturing, processing and warehousing facilities for their products, as well as renting or buying homes.

Panama has also been declared a home port for cruise ships sailing from the city of Colon with lines such as Royal Caribbean International and Carnival. These new routes contribute considerably to Panama’s economy as tourism increases creating the need for services such as hotels, restaurants, air and ground transportation, food and beverages, shopping and much more.

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