With recent world economic conditions in decline there is one country that might be able to weather through tough times. Although in recent years Panamas economic growth has been stagnant, mainly for change of government and political prosecution, after the dust has settled its now expecting a coming boom with large infrastructure projects being completed and new ones getting starting. The years to come will bring a huge change and that will positively affect the economy of Panama.
The Panama Canal Expansion which is already behind schedule, would enable the capacity of almost tripling the size of the ships that could pass through the waterway’s new set of locks. Work which started in 2007, was expected to be finished by 2014, the centennial of the Panama Canal. After many construction delays and budget increases, the deadline was subsequently pushed back to April 2016, and now its official inauguration is set for June of 2016. This is certainly going to be a tremendous lift for the Panama’s economy.
The Tocumen Airport Expansion which is set to open in 2016 is increasing the limit from 5.8 to 18 million travelers over the next coming years. The new terminal is intended to welcome travelers to the nation and create a vital center point for the Americas. After this expansion, it is going to be one of the largest airports in the region. This airport will bring a lot of changes in the country and it will greatly boost the country’s economy.
The Metro Rail Line 2 Expansion which should start construction this year will add an additional 21 km on an elevated alignment east from San Miguelito connected to the Tocumen airport, where the depot will be located. There will be 16 stations, and the end-to-end journey time is expected to be 35 min. The line has a design capacity of 40 000 passengers/h per direction. The new metro line will connect the airport to the center of the city, allowing tourist, workers and businessman to easily arrive to downtown and overall alleviate traffic congestion and give another boost to the Panamanian economy.
The new Convention Center being constructed represents a huge investment in the Amador Causeway as the tourism authority has its sights on luring more travelers to Panama for business, events and trade. The 570,000 square-foot facility designed to portray the national bird will include a banquet hall, outdoor amphitheater and a performing arts center. This will give Panama City a new international modern meetings facility and another planned project to increase the economy even more.
The opening of the canal and airport, combined with the construction of the metro rail and convention center, there is definitely a lot of potential for an expected jolt to the economy this coming year. These projects should definitely contribute a lot in country’s economy by bringing new residents, investors, travelers, and business to the country. These massive government funded infrastructure projects into the country are combined in a way to positively affect Panama’s economy now and for the years to come. With the recent sluggish new government and past slow economic years, all of these projects coming together should give ray of hope for the people as well as boost in the country’s economy.