According to the International Monetary Fund (IMF), Panama is leading the way in terms of economic growth in Central America.
Indeed, the IMF claims that the nation will be at the forefront of Latin American growth through until 2015.
The strengthening of its economy comes as a result of ambitious investment in the country's infrastructure and development as well as plans to expand the Panama Canal.
Panama's economic activity rose 6.24 per cent in July, well above the expected five per cent and has posted growth for the past 11 months.
This strong growth has meant that the emerging country is fast becoming a haven for multinational corporations, real estate developers and travellers, IMF added.
And the Panama Guide backed this up with reports that, according to the Ministry of Commerce and Industry, direct foreign investment grew 26 per cent in the first part of this year.
"Between the expansion of the Canal and the continuing double-digit increases in tourism, it's hard to see how Panama won't become Latin America's greatest success story," says Benjamin Loomis, developer of a new Panama real estate project.