What is the role of the Panama Canal is Panama's Economy? (5-7 sentence paragraph)?

Question

What is the role of the Panama Canal is Panama's Economy? (5-7 sentence paragraph)?

Answer 1

The role of the Panama Canal is Panama's Economy is to make money to keep its people alive.

Answer 2

The Panama Canal was originally built to give the USA's navy quick access to both oceans.  It became a quick passage for all ships to transit from Pacific to Atlantic and vs versa.  The economic engine it provided did little for Panamanians till the 1999 turn over when prices were raised to profit level not just operational cost as the Americans had it.  At it's opening the Locks of the canal dwarfed ships, but now ships dwarf the canal.  So wisely the country of Panama is adding a wider set of locks to allow the new mega ships to also take advantage of the canals benefits.  The whole world really gains economically, but for Panama it has made it a center of commerce providing jobs and revenue.  Smartly putting in free trade zone to allow ships to unload and store some goods and pick up others is another move that has helped the economy of both world and Panama.  The way it works is a ship leaving Brazil can leave full with cargo for many countries  and off load in the free trade zone and load up cargo for Brazil and return.  Benefit is the ship transit full each way.

I hope this helps you see the great economic engine the Panama Canal as the Suez Canal is as well when you can avoid entire continents and in South America's case the dangerous anartic ocean.

Answer 3

The Canal will have even a bigger role in the coming years.

They are in the midst of expanding the canal to accomodate super tankers and mega cruise ships.

This will mean added revenue, tons of jobs, and a huge cash infusion into the economy.

You get more info here too:

http://www.panama-in-a-book.com/