Hartlepool, United Kingdom (PressExposure) July 02, 2009 -- In a world where hundreds of major construction projects have been either postponed or cancelled, work on the Panama Canal expansion continues on schedule, with the major $5.25billion contract expected to be awarded in the coming weeks.
âThis is a financial crisis, and there has been a decline in ship traffic, but we are very much on time and on target,â said Panama Canal Authority Chief Executive Alberto Aleman; addressing rumours the global recession could cause the project to miss its 2014 scheduled completion date.
Services and tariffs from the operation of The Panama Canal and Colon Free Trade Zone on its banks account for 3 quarters of Panama's gross domestic product, and the expansion will triple its capacity. This will more than triple the revenues from its operation and should bring about at least a 30% increase in Panama's GDP.
The canal expansion is not the only project in Panama to survive the economic downturn, the multi-million dollar trump towers is also still being constructed, and in fact there have been reports of no Panama projects being postponed or cancelled. This is because of Panama being most popular with American retirees and its economic robustness according to Les Calvert, who runs overseas property portal Property Abroad.com, he said:
"People can see that Panama's economy is one of the world's most promising right now and for the next 5-10 years while the canal is being expanded and after when its increased capacity boosts revenues. On top of that Panama is most popular with American retirees, who provide a reliable exit strategy for today's investors. This combination makes Panama one of the most popular destinations for overseas property investors."