Panama City, Provincia de Panamá, Panama

Economy

🇵🇦 Panama City, also simply known as Panama, is the capital and largest city of Panama. The city is located at the Pacific entrance of the Panama Canal, in the province of Panama. The city is the political and administrative centre of the country, as well as a hub for banking and commerce.

The city of Panama was founded on 15 August 1519, by Spanish conquistador Pedro Arias Dávila. The city was the starting point for expeditions that conquered the Inca Empire in Peru. It was a stopover point on one of the most important trade routes in the American continent, leading to the fairs of Nombre de Dios and Portobelo, through which passed most of the gold and silver that Spain mined from the Americas.

On 28 January 1671, the original city was destroyed by a fire when the privateer Henry Morgan sacked and set fire to it. The city was formally re-established two years later on 21 January 1673, on a peninsula located 8 km (5 miles) from the original settlement. The site of the previously devastated city is still in ruins, and is now a popular tourist attraction, and is regularly visited by school trips.

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Economy As the economic and financial centre of the country, Panama City's economy is service-based, heavily weighted toward banking, commerce, and tourism. The economy depends significantly on trade and shipping activities associated with the Panama Canal and port facilities located in Balboa. Panama's status as a convergence zone for capital from around the world due to the canal helped the city establish itself as a prime location for offshore banking and tax planning. Consequently, the economy has relied on accountants and lawyers who help global corporations navigate the regulatory landscape. The city has benefited from significant economic growth in recent years, mainly due to the ongoing expansion of the Panama Canal, an increase in real estate investment, and a relatively stable banking sector. There are around eighty banks in the city, at least fifteen of which are local.

Panama City is responsible for the production of approximately 55% of the country's GDP. This is because most Panamanian businesses and premises are located in the city and its metro area. It is a stopover for other destinations in the country, as well as a transit point and tourist destination in itself.

Tourism is one of the most important economic activities in terms of revenue generation. This sector of the economy has seen a great deal of growth since the transfer of the Panama Canal Zone at the end of the twentieth century. The number of hotel rooms increased by more than ten-fold, from 1,400 in 1997 to more than 15,000 in 2013, while the number of annual visitors increased from 457,000 in 1999 to 1.4 million in 2011. The city's hotel occupancy rate has always been relatively high, reaching the second highest for any city outside the United States in 2008, after Perth, Australia, and followed by Dubai. However, hotel occupancy rates have dropped since 2009, probably due to the opening of many new luxury hotels. Several international hotel chains, such as Le Méridien, Radisson, and RIU, have opened or plan to open new hotels in the city, along with those previously operating under Marriott, Sheraton, InterContinental, and other foreign and local brands. The Trump Organization built the Trump Ocean Club, its first investment in Latin America, in 2006 and it is the tallest building in the city. In 2018 it was renamed The Bahia Grand Panama following falling occupancy rates associated with the declining brand value of the Trump name. Meanwhile, it is a JW Marriott property. Hilton Worldwide opened a Hilton Garden Inn in El Cangrejo, and in 2013, The Panamera, the second Waldorf Astoria Hotel in Latin America.

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Panama Time 
Panama Time
Image: Adobe Stock amaiquez #90003255

Panama City is rated Beta by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Beta level cities are cities that link moderate economic regions to the world economy.

Panama City is the #104 city in the world according to the Global Financial Centres Index (GFCI) which evaluates and ranks the competitiveness of the major financial centres of the world according to a wide range of criteria – Human Capital, Business, Finance, Infrastructure and Reputation.

Panama City is ranked #181 and rated D+ by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. D+ cities are strong regional hub cities. Panama City was ranked #1277 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Panama City has a population of over 880,700 people. Panama City also forms part of the wider Panama metropolitan area which has a population of over 1,899,000 people. Panama City is ranked #469 for startups with a score of 0.413.

To set up a UBI Lab for Panama City see: https://www.ubilabnetwork.org Twitter: https://twitter.com/UBILabNetwork

Panama City is a member of the UNESCO Creative Cities Network for Gastronomy see: https://en.unesco.org/creative-cities

Twin Towns, Sister Cities Panama City has links with:

🇦🇩 Andorra la Vella, Andorra 🇰🇷 Busan, South Korea 🇻🇪 Caracas, Venezuela 🇺🇸 Charleston, USA 🇪🇸 Coslada, Spain 🇵🇭 Davao, Philippines 🇵🇭 Davao City, Philippines 🇺🇸 Fort Lauderdale, USA 🇲🇽 Guadalajara, Mexico 🇬🇹 Guatemala City, Guatemala 🇯🇵 Imabari, Japan 🇰🇷 Incheon, South Korea 🇹🇼 Kaohsiung, Taiwan 🇵🇹 Lisbon, Portugal 🏴󠁧󠁢󠁥󠁮󠁧󠁿 Liverpool, England 🇪🇸 Madrid, Spain 🇳🇮 Managua, Nicaragua 🇨🇴 Medellín, Colombia 🇨🇴 Montería, Colombia 🇺🇾 Montevideo, Uruguay 🇧🇷 Rio de Janeiro, Brazil 🇺🇸 San Diego, USA 🇹🇼 Taipei, Taiwan 🇮🇱 Tel Aviv, Israel 🇨🇱 Viña del Mar, Chile

Panama City is a member of the OWHC: Organization of World Heritage Cities with: 🇮🇱 Acre 🇳🇪 Agadez 🇮🇳 Ahmedabad 🇰🇿 Aktau 🇪🇸 Alcalá de Henares 🇸🇾 Aleppo 🇩🇿 Algiers 🇮🇳 Amber 🇮🇳 Amer 🇺🇸 Amsterdam 🇳🇱 Amsterdam 🇺🇸 Amsterdam 🇰🇷 Andong 🇵🇹 Angra do Heroísmo 🇱🇰 Anuradhapura 🇪🇸 Aranjuez 🇵🇪 Arequipa 🇩🇪 Augsburg 🇪🇸 Avila 🇪🇸 Baeza 🇮🇷 Bam 🇩🇪 Bamberg 🇸🇰 Banská Štiavnica 🇸🇰 Bardejov 🇬🇧 Bath 🇺🇸 Bath 🇳🇱 Beemster 🇧🇷 Belo Horizonte 🇹🇷 Bergama 🇳🇴 Bergen 🇳🇱 Bergen 🇺🇸 Berlin 🇩🇪 Berlin 🇺🇸 Berlin 🇺🇸 Berlin 🇨🇭 Bern 🇩🇪 Bernau bei Berlin 🇳🇵 Bhaktapur 🇷🇴 Biertan 🇰🇷 Boeun 🇷🇺 Bolgar 🇫🇷 Bordeaux 🇧🇷 Brasília 🇧🇧 Bridgetown 🇧🇪 Bruges 🇧🇪 Brussels 🇭🇺 Budapest 🇹🇷 Bursa 🇰🇷 Buyeo 🇪🇸 Cáceres 🇪🇬 Cairo 🇨🇺 Camaguey 🇲🇽 Campeche 🇫🇷 Carcassonne 🇨🇴 Cartagena 🇪🇸 Cartagena 🇨🇿 Český Krumlov 🇨🇳 Chengde 🇨🇻 Cidade Velha 🇵🇹 Coimbra 🇺🇾 Colonia del Sacramento 🇲🇽 Córdoba 🇦🇷 Córdoba 🇪🇸 Córdoba 🇻🇪 Coro 🇪🇸 Cuenca 🇪🇨 Cuenca 🇲🇽 Cuernavaca 🇵🇪 Cusco 🇸🇳 Dakar 🇸🇾 Damascus 🇮🇩 Denpasar 🇷🇺 Derbent 🇩🇪 Dessau 🇧🇷 Diamantina 🇹🇷 Diyarbakır 🇭🇷 Dubrovnik 🇨🇳 Dujiangyan 🇬🇧 Edinburgh 🇦🇲 Ejmiatsin 🇵🇹 Elvas 🇮🇶 Erbil 🇲🇦 Essaouira 🇵🇹 Évora 🇲🇦 Fez 🇫🇷 Fontainebleau 🇺🇾 Fray Bentos 🇱🇰 Galle 🇰🇾 George Town 🇲🇾 George Town 🇱🇾 Ghadames 🇩🇿 Ghardaïa 🇮🇩 Gianyar 🇰🇷 Gochang County 🇰🇷 Gongju 🇦🇲 Goris City 🇳🇮 Granada 🇪🇸 Granada 🇨🇮 Grand-Bassam 🇦🇹 Graz 🇪🇸 Guadalajara 🇲🇽 Guadalajara 🇲🇽 Guanajuato 🇵🇹 Guimarães 🇰🇷 Gwangju 🇰🇷 Gyeongju 🇰🇷 Haenam 🇩🇪 Hamburg 🇰🇷 Hapcheon County 🇪🇹 Harar Jugol 🇨🇺 Havana 🇻🇳 Hoi An 🇻🇳 Huế 🇰🇷 Hwasun County 🇪🇸 Ibiza 🇦🇿 Icherisheher 🇰🇷 Iksan 🇹🇷 Istanbul 🇸🇦 Jeddah 🇺🇸 Jerusalem 🇮🇱 Jerusalem 🇰🇷 Jongno-Gu 🇹🇳 Kairouan 🇱🇰 Kandy 🇮🇩 Karangasem 🇸🇪 Karlskrona 🇳🇵 Kathmandu 🇷🇺 Kazan 🇺🇿 Khiva 🇩🇰 Kolding 🇹🇷 Konya 🇲🇪 Kotor 🇵🇱 Kraków 🇨🇿 Kutná Hora 🇯🇵 Kyōto 🇳🇵 Lalitpur 🇰🇪 Lamu 🇫🇷 Le Havre 🇫🇯 Levuka 🇨🇳 Lijiang 🇵🇪 Lima 🇱🇦 Luang Prabang 🇩🇪 Lübeck 🇨🇦 Lunenburg 🇱🇺 Luxembourg City 🇺🇦 Lviv 🇫🇷 Lyon 🇲🇴 Macau 🇲🇾 Malacca City 🇲🇦 Marrakesh 🇲🇦 Meknes 🇻🇪 Mérida 🇲🇽 Mérida 🇪🇸 Mérida 🇲🇽 Mexico City 🇵🇭 Miagao 🇮🇹 Modena 🇰🇪 Mombasa 🇫🇷 Mont-Saint-Michel 🇲🇽 Morelia 🇷🇺 Moscow 🇺🇸 Moscow 🇧🇦 Mostar 🇲🇿 Mozambique 🇧🇭 Muharraq 🇫🇷 Nancy 🇯🇵 Nara 🇩🇪 Naumburg 🇧🇬 Nessebar 🇳🇴 Notodden 🇲🇽 Oaxaca 🇲🇰 Ohrid 🇧🇷 Olinda 🇧🇷 Ouro Preto 🇺🇸 Oviedo 🇪🇸 Oviedo 🇮🇹 Padula 🇮🇹 Palazzolo Acreide 🇫🇷 Paris 🇺🇸 Paris 🇺🇸 Paris 🇬🇷 Patmos 🇺🇸 Philadelphia 🇵🇹 Porto 🇧🇴 Potosí 🇩🇪 Potsdam 🇺🇸 Potsdam 🇨🇿 Prague 🇫🇷 Provins 🇲🇽 Puebla 🇲🇲 Pyay 🇨🇦 Québec 🇩🇪 Quedlinburg 🇲🇽 Querétaro 🇪🇨 Quito 🇲🇦 Rabat 🇫🇮 Rauma 🇩🇪 Regensburg 🇬🇷 Rhodes 🇱🇻 Riga 🇵🇪 Rímac 🇧🇷 Rio de Janeiro 🇳🇱 Rotterdam 🇳🇴 Røros 🇹🇷 Safranbolu 🇷🇺 Saint Petersburg 🇫🇷 Saint-Louis 🇪🇸 Salamanca 🇧🇷 Salvador 🇦🇹 Salzburg 🇺🇸 San Antonio 🇨🇱 San Antonio 🇮🇨 San Cristóbal de La Laguna 🇮🇹 San Gimignano 🇲🇽 San Miguel de Allende 🇲🇽 San Pablo Villa de Mitla 🇾🇪 Sanaa 🇨🇴 Santa Cruz de Mompox 🇪🇸 Santiago de Compostela 🇧🇷 São Luís 🇪🇸 Segovia 🇹🇷 Selçuk 🇰🇷 Seongbuk 🇾🇪 Shibam 🇷🇴 Sighișoara 🇸🇬 Singapore 🇵🇹 Sintra 🇹🇳 Sousse 🇭🇷 Split 🇧🇲 St George's 🇸🇪 Stockholm 🇩🇪 Stralsund 🇫🇷 Strasbourg 🇧🇴 Sucre 🇮🇩 Surakarta 🇰🇷 Suwon 🇷🇺 Suzdal 🇨🇳 Suzhou 🇪🇪 Tallinn 🇪🇸 Tarragona 🇮🇱 Tel Aviv 🇨🇿 Telč 🇬🇧 Telford 🇲🇦 Tétouan 🇲🇱 Timbuktu 🇳🇴 Tinn 🇲🇽 Tlacotalpan 🇧🇷 Toledo 🇺🇸 Toledo 🇵🇭 Toledo 🇪🇸 Toledo 🇵🇱 Toruń 🇨🇿 Třebíč 🇨🇺 Trinidad 🇭🇷 Trogir 🇭🇳 Trujillo 🇵🇪 Trujillo 🇹🇳 Tunis 🇰🇿 Turkistan 🇪🇸 Úbeda 🇲🇹 Valletta 🇨🇱 Valparaíso 🇻🇦 Vatican City 🇷🇺 Veliky Novgorod 🇺🇸 Vienna 🇺🇸 Vienna 🇦🇹 Vienna 🇵🇭 Vigan 🇱🇹 Vilnius 🇳🇴 Vinje 🇸🇪 Visby 🇵🇱 Warsaw 🇺🇸 Warsaw 🇨🇼 Willemstad 🇩🇪 Wismar 🇲🇽 Xochimilco 🇰🇷 Yangsan 🇷🇺 Yaroslavl 🇮🇷 Yazd 🇰🇷 Yeongju 🇦🇲 Yerevan 🇾🇪 Zabid 🇲🇽 Zacatecas 🇵🇱 Zamość 🇹🇿 Zanzibar City

Text Atribution: Wikipedia Text under CC-BY-SA license | GFCI | GaWC | GUCR | Nomad | StartupBlink

Antipodal to Panama City is: 100.48,-8.986

Locations Near: Panama City -79.5199,8.98592

🇵🇦 Panama -79.517,8.983 d: 0.5  

🇵🇦 San Miguelito -79.5,9.033 d: 5.7  

🇵🇦 La Chorrera -79.782,8.879 d: 31.2  

🇵🇦 Colón -79.883,9.35 d: 56.8  

🇵🇦 Penonomé -80.355,8.519 d: 105.5  

🇵🇦 Santiago de Veraguas -80.967,8.1 d: 187.1  

🇵🇦 Bocas del Toro -82.25,9.333 d: 302.2  

🇨🇴 Montería -75.882,8.757 d: 400.5  

🇨🇷 Limón -83.029,9.991 d: 400.7  

🇨🇴 Sincelejo -75.393,9.297 d: 454.4  

Antipodal to: Panama City 100.48,-8.986

🇮🇩 Liwa 104.083,-5.033 d: 19422.5  

🇮🇩 Bengkulu City 102.264,-3.792 d: 19404.8  

🇮🇩 Bengkulu 102.25,-3.783 d: 19404.4  

🇮🇩 Pringsewu 104.961,-5.356 d: 19377  

🇮🇩 Bandar Lampung 105.267,-5.45 d: 19356.8  

🇮🇩 Jatinegara 106.167,-6.817 d: 19343.9  

🇮🇩 Cilegon 106.011,-6.003 d: 19321  

🇮🇩 Serang 106.15,-6.117 d: 19313.4  

🇮🇩 Ciapus 106.467,-6.267 d: 19289.3  

🇮🇩 Bogor 106.797,-6.597 d: 19270.2  

Bing Map

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