Over Winter break I went to Panama with my family for some hiking, exploring and relaxing. While I was there, we took many taxis and one in particular really stood out. Income came up in our conversation, so my dad asked the driver, "what salary are people considered well off and happy?" Without hesitation, the taxi driver replied, "$12,000 a year; people are really comfortable and happy with that". I was quite shocked because in the US poverty line is roughly
$11,000for one person. However, in Panama, the poverty line is
roughly only $1,150. I wonder, why are the numbers are so different?
Well, to really understand we have to know the GDP (Gross Domestic Product) per capita between the two countries. According to
nations encyclopedia, the USA average gross income is $36,300, while Panama's is only $5,900.
Have you been to another country that has a low GDP per capita?
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