According to an analysis by the digital publication Latinvex based on new data from the International Monetary Fund (IMF), the Dominican Republic will experience Latin America’s highest growth rate over the five-year period from 2024 to 2028 and become the third richest country in the region in per capita terms by 2028.
Today, the country is one of the few in Latin America to have a pro-business president, Luis Abinader, who has won widespread praise for his handling of the COVID pandemic, boosting tourism, fighting corruption and implementing pro-market policies since he took office in August 2020.
While the IMF expects Venezuela and Panama to register the greatest economic expansion this year, the next five years will be dominated by the Dominican Republic (with almost 5%) and Panama (with 4%). Panama is expected to remain the richest country in Latin America over the next five years, but by 2028, the DR will likely become the third richest country in Latin America behind Panama and Uruguay, according to IMF forecasts.
The Economic Commission for Latin America and the Caribbean (ECLAC) reiterated that the Dominican Republic and Panama would grow 4.6% of GDP in 2023, but the highest in the region would be Venezuela with 5%, according to its new economic growth projections released yesterday. These estimates show that the DR maintains on track with ECLAC’s previous forecast in January 2022.
They explained that, as in the rest of the world, inflation in the region shows a downward trend, and interest rate hikes are to be expected in several countries of the region soon.
Source:
Hoy
