The economic growth of the Dominican Republic was another of the issues highlighted by the President at the swearing-in ceremony to begin his second term in office. In this sense, he described as enviable the numbers registered in 2021, 2022 and 2023, when the Gross Domestic Product had a remarkable average increase of 6.5% per year, well above the average for the region.
In addition, the forecasts of international organizations such as the International Monetary Fund (IMF), place growth for this 2024 at 5.4 %, much higher than the 1.9 % projected for this same period in the region.
“We are one of the countries with greater economic stability and with one of the lowest inflation rates in Latin America,” said Abinader.
At the same time, he added that, in May 2023, the country was below the target range of 4 %, being one of the first to reach that goal and close the year with 3.57 %, and thus continue the work to mitigate the effects of global inflation.
Investments
In this aspect, the Head of State reiterated that the country enjoys an excellent climate of confidence, attracting the highest figures in history in terms of private investment which, with respect to GDP, went from an average of 25% between 2007-2020, to 32% between 2021-2023.
Foreign direct investment exceeded 4,390 million dollars by the end of 2023, breaking the record of 2022 and contrasting with ECLAC data, which indicate that, in the region, such investment fell by nearly 10% for the same period.
More than 11 million visitors by 2024
Another of the goals achieved in 2023, during Abinader’s first term of government, was the reception of more than 10 million visitors in one year, successfully overcoming the COVID-19 pandemic, by applying a strategy of rapid opening and reforms.
For this 2024, “I anticipate that we will exceed 11.5 million visitors, which consolidates us as the second most visited country in Latin America,” said the president.
Thanks to the strength of tourism and other sectors, 2023 closed with the highest level of international foreign exchange reserves in history with 15,457 million dollars.
Logistics hub
All of this has allowed the country to consolidate its position as the seventh largest economy in Latin America and has led it to become a world-class logistics hub, taking advantage of our privileged geographical position in the Caribbean, a strategic point for world trade.
In addition, we are investing heavily in infrastructure that is better connecting the entire country and increasing our logistics capabilities.
“In the past four years, we have built two new tourist ports and three others are under construction with public-private partnerships. In addition, a new large multimodal logistics dock in Manzanillo, in the north of the country, is already in the execution phase, and to this we must add the more than 15 fishing docks that we built in different parts of the country,” said the president.
Continuing his speech, Abinader said that previously forgotten areas have been reformed and connected and mass transportation has been promoted with the construction of large infrastructures such as the Santiago Monorail, the Santiago and Los Alcarrizos cable cars and the extension of the Santo Domingo Metro.
In the past four years, the Punta Cana airport has doubled its facilities, and next year construction will begin on Terminal 2 of the Santo Domingo airport. This year, 2024, construction began on a new terminal at the Santiago airport and the new international airport in Pedernales.
He indicated that “in logistical terms, we are in frank expansion. We have never been better connected, both within the country and with the rest of the world”.
Free Trade Zones
Another of the country’s economic growth engines are the Free Trade Zones, contributing almost 200,000 jobs and some US$8 billion in exports by 2023. This represents 28% more exports and 12.4% more jobs, compared to 2019.
Also, better high-tech goods are exported, such as medical devices, electronic equipment, and other high value-added components.
This allows for better jobs, more qualified and better paid, and makes it possible that, in the coming years, the country will be one of the few global candidates that qualify for the assembly of semiconductors, with the training, the network of contacts and allies and a favorable ecosystem to achieve it.
“But these economic figures alone would not be important if they did not have a clear reflection in people’s lives. We have economic strength backed by all these indicators, but we also have great social strength,” concluded Abinader.
Fuente:presidencia.gob.do
