Bank of America optimistic on tourism and economic growth

Bank of America expresses optimism with the growth of tourism and the Dominican economy

The U.S. company defines tourism as the star of the Dominican economy.

The Bank of America Corporation praised the growth of tourism in the Dominican Republic indicating that it has recovered pre-pandemic levels, positioning itself as the star of the Dominican economy.

In its Dominican Republic Economic Watch report, Bank of America expressed its optimism with the growth of the Dominican economy indicating that it has grown faster than expected despite the oil crisis.

The U.S. multinational banking and financial services company headquartered in Charlotte, North Carolina and the second largest bank holding company in the United States by assets, indicates that tourism represents a third of the Gross Domestic Product of the Dominican Economy, observed in the first half of the year.

“They have already recovered to pre-pandemic levels. The Government expects 8.4 million non-resident tourists by 2022 (including flights and cruises) versus 5.3 million in 2021. That is, 7 million in flights and 1.4 billion in cruises. By 2023, they expect the number of air and cruise tourists to increase to 7.7 million and 1.7 million, respectively,” he says.

The Minister of Tourism, David Collado, is developing a week of work in Charlotte, North Carolina, United States, with important companies in the tourism sector, working on alliances that impact our proposal as destinations.

The strategy implemented by the Dominican Republic has borne great fruit, placing the country as an international reference in tourism recovery and public-private partnership to boost the sector.

In May, the Secretary General of the World Tourism Organization (UNWTO), Zurab Pololikashvili, presented the Dominican Republic, in the hands of President Luis Abinader and the Minister of Tourism, David Collado, with an award for achieving “the most successful recovery of the industry”, reaching “record figures” in tourist arrivals, while maintaining control over the covid-19 pandemic.

“The World Tourism Organization and its secretary general, Zurab Pololikashvili, grants recognition to the Dominican Republic, the number one country in the world in the recovery of tourism,” the recognition reads.

While in July, the secretary general of the World Tourism Organization (UNWTO) congratulated the Dominican Republic for setting a record number of visitors during the month of July 2022.

Through his Twitter account, Zurab Pololiskashvili said that with the milestone achieved by Dominican Republic, it again demonstrates its resilience.

“Congratulations to Dominican Rep. for showing that tourism can face great challenges and continue to grow. Your destinations welcomed a record number of visitor arrivals in July.

That means more revenue for development and opportunities!” the official said on the social network.

The Dominican Republic continues to deploy efforts to continue consolidating and boosting its domestic and foreign tourism industry, which is why it has launched innovative projects such as a

Earlier this month, the government launched the “Tourism in every corner” platform, a promotional initiative to boost local tourism with an approach based on sustainability and inclusion.

The launch was led by the President of the Republic, Luis Abinader and the Minister of Tourism, David Collado, after that institution carried out a survey of all the attractions, gastronomy and experiences at the national level.

In that sense, they counted 184 protected areas, 93 routes and trails and 165 spas, whose images will be promoted by digital media and social networks so that both local and international tourists know “the hidden treasures” of the middle island.

According to the Minister of Tourism, David Collado, during his recent visit to Samaná to start the works of the boardwalk, everything seems to indicate that the month of August is shaping up to be very active since it could end with the visit of more than 600 thousand foreigners.

He said that this achievement is mainly due to the support of the private sector, businessmen, traders, banks and the saving of about 7 billion pesos in promotion.

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