In the past decade, the Panama Canal has celebrated its 100th anniversary of opening the Canal. However, after the attacks on the World Trade Center Twin Towers in New York on September 11th 2001, the attacks began a glocal tension. The attacks would also have an economic impact and would force the United States into a transition in means of transport and security requirements. Despite the attacks, China sparked a large economic growth and the Panama Canal was forced to look for options to expand because of the demand. In addition, globalization and other developing economies were forcing international trade to expand. In 2002, the Panama Canal Authority (PCA), decided to invest in the canal and begin expanding. After much discussion, the Canal’s work was set to begin in September 2007 and would cost the United States approximately $5.35 billion. The Canal would be completed by 2014. However, after the housing bubble burst in 2008, it made things a little more difficult and the construction on the canal was slowed down. International trade was impacted heavily during this event. The economy had slowed down. Despite the hardships that have occurred regarding the Panama Canal, it gives a sense of pride to the region. The pride is what has made the region so strong and allows the Panama Canal to continue persevering regardless of what the circumstances have been.
In 2007
In 2007, when the decision was made to expand the Panama Canal, the canal would see one of the largest projects in history. In addition, this would be the largest investment that the United States would ever be involved it; the investment was planned to consist of $5.25 billion, but the project would eventually end up to be $5.4 billion. In this project, the entrance channels on both sides of the canal would be deepened and widened, there would be the installation of three locks on each side of the canal, Gatun Lake would be deepened, widened, and the elevation would be raised. The Gatun Lake is significant to the canal because it supplies to water for the Panama Canal when Panama reaches the dry seasons. In addition, the project would also deepen the 8 mile artificial gorge, the Culebra Cut. During the original construction, the gorge was dug through the Continental Divide. However, a totally new channel would be constructed during this time. This channel would be across the Pacific side and would stand at 3.8 miles long and would include a dam that is nearly 1.5 miles long. Finally after years of construction, the locks finally opened and maintenance began to be easier along.