Fundacion Danilo Perez Introduction

INTRODUCTION

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INTRODUCTION

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Panama is the southernmost Central America country, located between Colombia and Costa Rica. Before the arrival of the Spanish in the early 16th century, Panama was home to several native peoples. In 1510, the first Spanish colony was set up by Vasco Núñez de Balboa. Panama remained a Spanish colony until 1821, when it joined with Colombia, Venezuela, and Ecuador to form the independent union of Gran Colombia. It was not until 1903 that Panama gained independence from Colombia with the backing of the US, who in turn received the rights to build and operate the Panama Canal. The Panama Canal was completed in 1914, and remained under US control until it was finally handed over to Panama at the end of the 20th century.

Today, Panama is home to around 3.2 million people, 1 million of whom live in the capital, Panama City. Of these 3.2 million residents, around 70 percent are Mestizo (mixed African, Amerindian and white), 14 percent are Amerindian and mixed (West Indian), 10 percent are white, and 6 percent are Amerindian. A result of this ethnic mixture and diversity is a cultural heritage that has blended elements from African, Indigenous, Spanish, and North American influences. This blend is reflected in the mixture of various musical styles that come together to create unique forms of music in Panama. Salsa, Merengue, Reggae, Jazz, Colombian Cumbia, Cuban Son, Tango, Native Folk music, and other styles can all be found in Panama.

The Panamanian economy is dominated by the service sector (specifically, banking and canal operation), which accounts for approximately three quarters of its GDP and employs over 60 percent of the labor force. Although Panama suffered economic woes in the early years of the 21st century, as recently as 2005 Panama’s GDP was growing at a rate of 6 percent per year (source: World Development Indicators Online, The World Bank Group). The 2006 UN Human Development Report listed Panama as a High Human Development country, placing it 58th out of 177 countries ranked that year. However, as of 1999, approximately 37 percent of Panamanians lived below the poverty line (Source: CIA World Factbook).

Sources –
Encyclopaedia Brittanica
CIA World Factbook
World Development Indicators Online, The World Bank Group

Human Development Report, 2006, The United Nations Development Program