A country’s economy is the closest thing to a family economy. If there is work and the activity the members are involved in is good, it is also reflected outside.
The same happens today with the Dominican economy, a country that has excelled among its peers in the region and even among others renowned for the size of their GDP, such as Brazil, Mexico and Argentina.
Despite the global crisis, the Dominican Republic is currently in 7th place among the Latin American and Caribbean economies.
According to data from the International Monetary Fund (IMF), projected growth for 2022 remains at 5.5%.
Within the international vortex, the Dominican Republic will continue to strengthen, and these forecasts are an important basis for the arrival of new investments and greater generation of jobs.
What are economies aiming for?
Since time immemorial, groups of people began to feel shortages and, over time, learned to manage these deficiencies as they arose in cycles (phases or stages).
These cycles are diverse and go from a booming activity to a depression and recession to a recovery and vice versa and these movements show the thread of progress of the country since the Republican era, according to the data of international organizations and investment banks and country risk assessment companies.
Changes in economic activities and flexible or expansionary monetary policies at times when dynamization, neutrality or restrictiveness have been needed have contributed to a greater generation of foreign exchange and macroeconomic growth higher than more developed countries, according to the data reported.
Over the past 60 years, the Dominican economy has gradually climbed from rung 12 in 1960 to rung 7 in the top 18 in Latin America and the Caribbean by 2024, as forecast in terms of nominal GDP growth.
Estimates on the performance of the economies of Brazil, Argentina, Chile, Mexico, Venezuela, Colombia, Peru, Panama, El Salvador, Bolivia, Costa Rica, Nicaragua, Honduras, Paraguay and Haiti in the last 60 years place the Dominican Republic above several of six of these countries from 2024-2025. The countries that will be left with a nominal GDP below DR would be Brazil, Mexico, Argentina, Colombia, Chile and Peru.
In addition, other databases published by youtube show the regional performance of these economies from 1820 to 2030, placing the country in the second place out of the five richest nations in terms of current GDP per capita.
By 2027, it is estimated that the Dominican Republic will surpass Chile, Uruguay, Costa Rica and Argentina and the 18 analyzed, leaving Panama’s economy at the top. For 2022, analysts predict that the Dominican GDP per capita will reach $8, 850. IMF
In its assessment report of the Dominican economy, a delegation from the International Monetary Fund praised the recovery achieved and foresees a strong position to face the challenges of international developments.
Like the Central Bank, other organizations such as ECLAC and the World Bank foresee growth this year above potential.
5.5% GDP estimated
The Central American Monetary Council’s Risk-Country Report states that the reduction in the public deficit and the reduced need for government financing stabilized the debt-to-GDP ratio; an economic rebound driven by investment, reflected in a faster-than-expected economic recovery in 2021.
It forecasts GDP growth above potential in 2022 and 2023. The Fitch, Moody, and Standard & Poor’s ratings are supported by robust growth, diversified exports and strengthened external liquidity.
Source:
Listín Diario