DR shines as the “Star Economy of Latin America”

In a context where Latin America faces significant economic challenges, the Dominican Republic emerges as a beacon of growth and stability, according to a recent article by Michael Stott for the Financial Times. With an economy averaging an impressive 4.9% annual growth rate over the past half century, the Caribbean nation of 11.4 million people ranks as the seventh largest economy in Latin America, surpassing larger nations such as Ecuador and Venezuela.

This economic success is reflected not only in growth figures, but also in the vision and leadership of President Luis Abinader, whose popularity reaches a remarkable 69% approval rating. Under his administration, the RD has seen an unprecedented increase in social spending, while fostering a pro-investment and probusiness climate. These policies have not only contributed to the country’s economic boom, but have also promoted social peace and the well-being of its citizens.

The RD’s economic transformation from an agricultural nation to a manufacturing and then service-oriented economy, driven by tourism and an expanded financial system, has been fundamental to its current prosperity. Despite global and regional challenges, such as climate change and proximity to Haiti, the country has maintained DR Economya steady course toward sustainable development and attracting investment.

IMF report

Last year’s IMF report suggested that, with continued reforms, the RD could transform itself into an advanced economy by 2060. This optimism is reflected in the confidence of investors, who, inspired by the country’s leadership under the guidance of President Abinader, consider the RD as an attractive destination to relocate supply chains closer to the United States.

This international recognition and confidence in the country’s leadership underscores the potential of the RD not only as a premier tourist destination, but as an emerging economic hub in Latin America. President Abinader’s administration stands out as a role model, demonstrating that moderate pro-growth policies combined with strategic investments in key public services and infrastructure can lead to sustainable and equitable economic development.

The Financial Times article can be accessed at: https://on.ft.com/3vfvQ4x

Source: Presidencia.gob.do

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