Panama - Country history and economic development

10,000-20,000 B.C. Panama is settled by Native-Americans.

1501 A.D. Rodrigo de Bastidas is the first European to explore the isthmus of Panama.

Household Consumption in PPP Terms
Country All food Clothing and footwear Fuel and power a Health care b Education b Transport & Communications Other
Panama 22 8 18 14 4 7 27
United States 13 9 9 4 6 8 51
Mexico 30 6 4 2 7 5 46
Costa Rica N/A N/A N/A N/A N/A N/A N/A
Data represent percentage of consumption in PPP terms.
a Excludes energy used for transport.
b Includes government and private expenditures.
SOURCE: World Bank. World Development Indicators 2000.

1510. First Spanish colony is established at Nombre de Dios.

1513. Vasco Nunez de Balboa reaches the Pacific Ocean by crossing the isthmus.

1534. Charles I of Spain orders the first survey for a potential canal through Panama.

1538-1821. Panama is the crossroads of Spanish trade in Central and South America. The region is known as the Camino Real or Royal Road since it is the point of departure for gold and silver shipments to Spain.

1821. Panama gains independence from Spain as part of the new nation of Colombia.

1846. Colombia signs treaty with the United States to allow the American construction of a railway across the isthmus.

1848. The discovery of gold in California leads thousands of Americans to travel across Panama in an effort to shorten their trip to the gold mines.

1870. U.S. President Ulysses S. Grant appoints a commission to examine the possibility of constructing a canal across Central America.

1880-1900. A French company undertakes an unsuccessful effort to build a canal across Panama. During the attempt, some 22,000 people die as a result of malaria and other tropical diseases.

1903. With U.S. support, Panama becomes independent. The United States begins work on the Panama Canal.

1905. Yellow fever is eradicated in Panama.

1906. Theodore Roosevelt becomes the first president to leave the continental United States while in office when he visits Panama to observe progress on the canal.

1914. The canal is completed at a cost to the United States of US$375 million making it the most expensive construction project in the nation's history at the time.

1921. The United States pays Colombia US$25 million in compensation for American support of the Panamanian revolution. The completed canal has 4 times the volume that was envisioned by the original French plan.

1968. The civilian government is overthrown by a military coup.

1972. A new constitution is adopted.

1977. The United States and Panama conclude the Torrijos-Carter Treaty to turn control of the canal over to Panama. Under the terms of the Treaty, the United States retains the right to defend the canal. Also under the terms of the accord, tolls are increased by 29.3 percent.

1983. Reforms are enacted to the constitution.

1984. Manuel Noriega becomes dictator of Panama.

1987. In response to Noreiga's actions, the United States suspends aid to Panama.

1989. After invalidating legal elections, Noriega is ousted from power by a U.S. military invasion. Noriega is taken to the United States and tried for drug-smuggling. He is convicted and sentenced to 40 years in prison. The legally-elected president is restored to power.

1993. The Interoceanic Region Authority is established to promote commercial development in the Canal Zone.

1994. The military is abolished through a constitutional amendment, and additional reforms are added to the constitution to ensure democracy.

1996. Panama joins the WTO.

1999. The canal is transferred to Panamanian control.

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Oct 11, 2012 @ 5:17 pm
What portion of the annual revenues from the Panama Canal go towards domestic projects?

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