(CTRP)

International organization participation: AG (associate), CACM, CCC,
ECLAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICFTU, ICRM, IDA, IFAD, IFC,
IFRCS, ILO, IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, IOM, ISO,
ITU, LAES, LAIA (observer), NAM, OAS, OPANAL, PCA, RG, UN, UNCTAD,
UNESCO, UNIDO, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO

Diplomatic representation in the US:
chief of mission: Ambassador Eloy ALFARO de Alba
chancery: 2862 McGill Terrace NW, Washington, DC 20008
telephone: [1] (202) 483-1407
consulate(s) general: Atlanta, Houston, Miami, New Orleans, New York,
Philadelphia, San Francisco, San Juan (Puerto Rico), Tampa

Diplomatic representation from the US:
chief of mission: Ambassador William John HUGHES
embassy: Avenida Balboa and Calle 38, Apartado 6959, Panama City 5
mailing address: American Embassy Panama, Unit 0945, APO AA 34002
telephone: [507] 227-1777
FAX: [507] 227-1964

Flag description: divided into four, equal rectangles; the top
quadrants are white (hoist side) with a blue five-pointed star in the
center and plain red, the bottom quadrants are plain blue (hoist side)
and white with a red five-pointed star in the center

@Panama:Economy

Economy-overview: Because of its key geographic location, Panama's
economy is service-based, heavily weighted toward banking, commerce,
and tourism. Since taking office in 1994, President PEREZ BALLADARES
has advanced an economic reform program designed to liberalize the
trade regime, attract foreign investment, privatize state-owned
enterprises, institute fiscal reform, and encourage job creation
through labor code reform. The government privatized its two remaining
ports along the Panama Canal in 1997 and approved the sale of the
railroad in early 1998. It also plans to sell other assets, including
the electric company. Panama joined the World Trade Organization
(WTrO) and approved a tariff reduction that will give the country the
lowest average tariff rates in Latin America. A banking reform law was
approved by the legislature in early 1998 and will take effect in
June. After two years of near stagnation, the reforms are beginning to
take root; GDP grew by 3.6% in 1997 and is expected to grow by more
than 5% in 1998. The most important sectors driving growth have been
the Panama Canal and the shipping and port activities. The Colon Free
Zone also rebounded from a slow year in 1996.

GDP: purchasing power parity-$18 billion (1997 est.)

GDP-r