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Published on Apr 1, 2011
Here is Panama. After breaking away from Spain in 1821 it became part of The Republic of Gran Colombia. Later on, with U.S. backing Panama seceded from Colombia in 1903 and the Panama Canal was built by the U.S. Army Corps of Engineers. After the United States stole massive amounts of money from the Panama Canal, it decided to make an agreement to give it back to the Panamanian's in 1977. Today a significant portion of Panama's GDP is comprised from revenues of the canal. As of 2010 Panama is the second most competitive economy in Latin America according to according to the Global Competitiveness Index from the World Economic Forum (WEF). Don't let statistics fool you. Being a competitive economy in the Latin American market means nothing. The majority of the people are still poor. Shouldn't the world's most valuable canal make the country rich? Why is still relatively poor?