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  • Title: Panama.
    Author: United States. Department of State. Bureau of Public Affairs. Office of Public Communication.
    Journal: Backgr Notes Ser; 1992 Mar; ():1-8. PubMed ID: 12178035.
    Abstract:
    Panama's territory is 77,381 square km or 29,762 square miles with a population of 2.4 million of whom 70% are mestizos or mixed Spanish and Indian. Literacy is 87%, infant mortality is 22/1000, and life expectancy is 72 years. Panama was part of the Spanish empire from 1538 to 1821. In 1903 Panama declared its independence from Colombia, and afterwards signed a treaty with the US to build a canal 10 miles wide. The existing 52-mile lock canal was completed in 1914. From the 1960s pressure mounted to renegotiate the treaty that was eventually accomplished in 1977. In 1989 the Noriega regime called elections and lost, but it did not accept the results, and continued repression until it was ousted by a 1989 US military action. Noriega surrendered and was indicted for drug trafficking. The economy was in disrepair after mismanagement and US sanctions. During 1990-91 the economy started to recover with the return of capital to banks, increase of exports and construction, and the decrease of government deficit and unemployment. The gross domestic product grew 3.45 in 1990 and 9.3% in 1991 with a low level of inflation. Government policies were proposed to stimulate foreign private investment, improve market conditions, and reduce tariffs and price controls. In 1992 the Endara government signed agreements with international financial institutions on credit that entailed tax, social security, and public investment reforms. The unemployment rate decreased from 35% in 1989 to 16% by 1992. The revenues from the canal have to be sustained, therefore the Panama Canal Commission approved a $200-million project to widen it over the next 20 years.
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