The long time presence of the USA in the building and management of the Panama Canal has resulted in a great deal of English language influence in the main areas of Panama. The new emphasis on tourism and the financial sector, along with commerce in general, makes English even more prevalent. Except in outlying and indigenous areas (where the natives sometimes speak neither Spanish or English) tourists have very little trouble and don't necessarily need to speak Spanish.
If you are going to live here, however, learning Spanish is an excellent idea. Knowing basic phrases before you come will help a lot, and once you arrive there are a great many language schools with reasonable rates to help you progress further.
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