What type of economy is Panama?

Panama has a dollarized economy, meaning that the country's currency is officially the United States dollar. Panama's economy is one of the fastest growing in Latin America. It is based on a mix of services, agriculture, and industry, with the services sector accounting for the majority of GDP. The country is a major banking center and has a well-developed tourism industry. Panama also has a strong agricultural sector, with sugar, bananas, coffee, and rice being the main products. The country's manufacturing sector is also growing, with pharmaceuticals, textiles, and food processing being the main industries. Panama's economy is open and export-oriented, and the country has a number of free trade agreements.