The Dominican Republic has emerged as one of the global leaders in tourism, according to a recent publication by Latinometrics. The Caribbean country, despite its size, has shown remarkable growth in attracting visitors, surpassing even giants such as Brazil and Argentina.
With almost 11 million inhabitants, it is one of the smallest countries in Latin America in terms of surface area. In fact, its territory could fit 175 times the area of Brazil.
Echoing the aforementioned Latinometrics publication, Banco Popular Dominicano notes that the DR’s export economy is relatively diversified, worth US$13 billion in 2023. Among the main exports are electrical equipment, medical instruments, and tobacco. However, the real engine of the economy is services, which accounted for 57% of GDP last year, with tourism standing out significantly.
“As the ‘Bank of Tourism’ and the main historical financier of the tourism sector, we support both local businesses and foreign investors to take advantage of the opportunities offered by this key sector for the Dominican Republic,” highlights the financial institution.
The Dominican Republic emerged as a post-pandemic global leader, attracting 7.1 million visitors by 2022, and more than 10 million last year. In that period, it attracted 60% more tourists than Brazil, the largest country in the region by population and size. Thus, one of the smallest countries is also the second most visited in Latin America, behind only Mexico.
This dynamism is not only shown in tourist arrivals, but also in the attraction of investment, as evidenced by two consecutive years of record foreign direct investment (FDI).
Political stability is a crucial factor in Latin America for attracting foreign capital. Undoubtedly, this has been a key element in the Dominican Republic’s strong economic growth.
Source:Arecoa.com
