No one can predict everything about the future with absolute certainty. But you can see a lot more than you think if you measure progress and gauge the probability of future plans. This is the case, at least, in Panama, where the country’s future growth is dependent on measurable improvements set to propel the country further into the spotlight. Panama is a country on the move, but it’s no accident.
In anticipation of growing even bigger, both economically and by population, Panama is busy making tangible changes to prepare for the future. They are betting big on growth, and improvement, and they have the data to back them up with their lofty goals. Here are 5 of the big positive changes Panama has slated for the next five years:
1. Infrastructure improvement
Panama has been growing so fast, that the idea of new everything (roads, buildings, cinta costera), especially in the capital, has become the norm. But Panama is working just as hard at renovating and enhancing its current infrastructure to match new construction. This includes 5-year plans for highway expansion, bridge expansion/renovation, and the continued restoration of the old city to preserve its 100+ year-old architecture.
2. Panama Bay water purification
The Bay of Panama is polluted, and the country has decided to do something about it. With a finishing date of 2016-2017, Panama has built and is ready to launch a half billion-dollar water-cleaning project for the bay and its water sources. The massive project will take the current polluted water out via a state of the art pipe system, while sending back clean water in return. Some even claim this will make the bay swimmable again, but for it’s currently not possible to tell until the project has been completed.
3. Massive airport expansion at Tocumen
Panama’s international airport has become a busy international hub over the last few years, and they are now gearing up to meet the demand head-on. Tocumen is currently under construction, building a massive new terminal, and adding more space for future carriers to fly out of. More space and better facilities will attract more business, as European, US, and Latin American airlines are looking at Panama to be their regional hub for international flights.
4. New affordable housing
It’s hard to imagine if you look at the luxurious new construction downtown, but Panama has committed to adding around 50,000 new affordable homes over the next few years. The demand for affordable real estate is high, and the government of Panama has announced plans to fund low income housing that’s new, safe, and convenient, in order to help those who need it most. This will make the city, and country, more attractive to workers, and add to the existing middle class, as well as raising the quality of life, which is critical in a growing country.
5. The Panama Canal expansion
The Panama Canal accounts for about 1/3 of the country’s economy, and it’s about one year away from doubling in size. The massive expansion has been going on for years, and it’s about a year away from completion. This will add trade dollars to the economy, as well as help grow the new job market, and bolster investment across the board. The new Canal expansion is largely attributed to the growth in Panama’s other strong markets, as it helps fuel banking, offshore investment, and commercial/residential property development.
