In combination with the US-Panama Trade Promotion Agreement signed in 2011, the Canal expansion (to be completed in 2015/16) is set to significantly benefit the people of Panama. Expansion works on the Panama Canal started in 2007, thus boosting the economy through major investment, construction and infrastructure projects. The whole Canal Zone used to be under US sovereignty, but in 2000, Panama regained complete control. The Panama Canalįinished in 1914 by an US Army Corps of Engineers, the Canal has changed Panama’s fortunes forever. In fact, every article on Panama’s economy should dedicate a special section to the Panama Canal, so here we go. The Canal doesn’t only provide employment and business opportunities, but it also injects millions of dollars from toll revenues into the national economy. A high percentage of the local workforce in Panama are indeed employed in businesses directly or indirectly linked to the Panama Canal.
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