In 2011 Panama became a net exporter of remittances. It
reported outward remittances of just over $1bn in 2011. This was money
sent by foreigners who live and work in Panama to their home countries,
mainly the United States and Colombia.
What is driving the phenomenon is the $15bn in public works projects
that has been pledged by the president of Panama, Ricardo Martinelli.
The projects include huge hospital complexes, a Metro system for the
capital, a massive conference centre and, of course, the $5.2bn
expansion of the Panama Canal, the biggest infrastructure project in
Latin America.
Financial Times
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