Bank of America praises DR economic performance

A report by the Bank of America (BofA) recognizes the economic management of the Government of the Dominican Republic in the current crisis scenario, highlighting this year’s growth, estimated at 5.5% of gross domestic product.Punta Cana
Punta Cana

The report entitled “Overcoming the Oil Crisis”, in addition to the sustained economic growth, one of the highest in the continent, credits the good performance of the tourism sector, a “better than expected” management of the budget and the proportional reduction of the public debt. It indicates that economic growth in 2022 will be higher than the 4.4% it had projected, reaching 5.5%, driven by tourism, which the Dominican Republic managed to fully recover since the last quarter of 2021.

He estimates that by meeting the spending budget, there will be no need to issue new sovereign bonds this year. He projects the hope that in the next twelve months a fiscal reform project, postponed due to the difficulties derived from international inflation, will be submitted to Congress.

It refers to an agreement with the U.S. Government, which would come into effect when the Dominican Constitutional Court gives its approval, which would institute immigration screening facilities to the United States at Dominican airports, which have only been established with six other countries.

The BofA report highlights that the Dominican Republic continues to attract foreign investment thanks to the positive performance of the economy and political and social stability. Foreign direct investment in the country rose to US$1,870.9 million in the first half of this year.

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