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Panama , officially the Republic of Panama , is a country in Latin America at the southern end of Central America , bordering South America . It is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean Sea to the north, and the Pacific Ocean to the south. Its capital and largest city is Panama City , whose metropolitan area is home to nearly half the country's over 4 million inhabitants.0
Before the arrival of Spanish colonists in the 16th century, Panama was inhabited by a number of different indigenous tribes . It broke away from Spain in 1821 and joined the Republic of Gran Colombia , a union of Nueva Granada , Ecuador , and Venezuela . After Gran Colombia dissolved in 1831, Panama and Nueva Granada eventually became the Republic of Colombia. With the backing of the United States, Panama seceded from Colombia in 1903, allowing the construction of the Panama Canal to be completed by the United States Army Corps of Engineers between 1904 and 1914. The 1977 Torrijos–Carter Treaties agreed to transfer the canal from the United States to Panama on December 31, 1999. The surrounding territory was first returned in 1979.
Revenue from canal tolls continues to represent a significant portion of Panama's GDP , especially since the Panama Canal expansion project (finished in 2016) has doubled its capacity. Commerce, banking, and tourism are major sectors. Panama is regarded as having a high-income economy . In 2019 Panama ranked 57th in the world in terms of the Human Development Index . In 2018, Panama was ranked the seventh-most competitive economy in Latin America, according to the World Economic Forum 's Global Competitiveness Index. Panama was ranked 84th in the Global Innovation Index in 2023. Covering around 40 percent of its land area, Panama's jungles are home to an abundance of tropical plants and animals – some of them found nowhere else on earth.
Panama is a founding member of the United Nations and other international organizations such as the Organization of American States , Latin America Integration Association , Group of 77 , World Health Organization , and Non-Aligned Movement . (Full article... )
Mossack Fonseca & Co. (Spanish pronunciation: [moˈsak fonˈseka] ) was a Panamanian law firm and corporate service provider . At one time it was the world's fourth-largest provider of offshore financial services. From its establishment in 1977 until the publication of the Panama Papers in April 2016, the company remained mostly obscured from public attention, even though it was a major firm in the global offshore industry and acted for approximately 300,000 companies. Prior to its dissolution, the company employed roughly 600 staff members spread across 42 countries.
The firm received worldwide media attention in April 2016, when the
International Consortium of Investigative Journalists published information about the financial dealings of the firm's clients in the
Panama Papers articles. These articles were the result of analyzing an enormous cache of documents, dated from 1970 and 2015, which were
leaked to the news media, and which "implicated at least 140 politicians from more than 50 countries" in
tax evasion schemes. (
Full article... )
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That in a period of three years, 25 casinos opened which resulted in Panama becoming the 2nd country with the most casinos in Latin America?
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