Panama is one of the fastest-growing economies in the Western Hemisphere, largely thanks to a new free-trade agreement with the U.S. and an ongoing $US 5.25 billion expansion of the Panama Canal. Slated for completion in 2014, the expansion will double the canal’s capacity, which will reduce emissions, and the new system will recycle 60 percent of the water in each transit, along with an overall decrease of 7 percent less water than is used by the existing locks.