The organization appreciates that the Dominican economy showed remarkable resilience, with sound policies that supported stability.
In its 2022 Article IV Consultation report, the International Monetary Fund (IMF) highlighted the contributions of the tourism sector to the economic recovery experienced by the country following the pandemic and despite the adverse effects of the war in Ukraine.
“The economy recovered strongly from the pandemic, despite global factors that created challenges in terms of inflation. Real GDP increased by 12.3% in 2021, amid broad sectoral growth, including a notable recovery in tourism, with arrivals exceeding 2019 levels since last fall,” the agency lays out in its report.
The IMF argues that the Dominican Republic’s economy showed remarkable resilience, with sound policies that supported stability and maintained good market access, an effective health campaign, and a well-coordinated reopening, including to tourism, allowed the Dominican Republic to take full advantage of the global recovery and limit scarring and rising poverty.
He notes that this allowed for a solid, broad-based recovery, with end-2021 gross domestic product (GDP) at about 5% above pre-pandemic levels, enabling early fiscal consolidation and normalization of monetary policy to address inflationary pressures.
Other sectors that grew strongly, according to the IMF, were exports and remittances, while rising domestic demand and commodity prices increased the current account deficit.