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The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income [13] developing country with important sectors including mining, tourism, manufacturing (medical devices, electrical equipment, pharmaceuticals, and chemicals), energy, real estate, infrastructure ...
More than 10 million tourists visited the Dominican Republic in 2023, [1] [2] making it the most popular tourist destination in the Caribbean and putting it in the top 5 overall in the Americas. [3] The industry accounts for 11.6% of the nation's GDP [ 4 ] and is a particularly important source of revenue in coastal areas of the country.
The Caribbean Tourist Association was founded in 1951. [12] Tax incentives encouraged foreign development of hotels and infrastructure, cultivated by newly formed tourism ministries. [10] Regular non-stop international airplane flights in the 1960s made vacations to the Caribbean more affordable and increased the number of visitors. [6]
President Mejia only received $120 of the $600 million he asked from the IMF. The Dominican Republic lost 67% of the annual budget and about $700 million. [5] The Dominican Recession (2002) brought a halt to the steady rapid growth brought by the telecommunications and mining sectors. The DR was exporting good and unemployment was down.
Over the last two decades, the Dominican Republic have been standing out as one of the fastest-growing economies in the Americas - with an average real GDP growth rate of 5.4% between 1992 and 2014. [4] GDP growth in 2014 and 2015 reached 7.3 and 7.0%, respectively, the highest in the Western Hemisphere. [4]
The major economic sectors are agriculture and tourism, although the industrial sector has shown strong growth, mainly in Panama. The U.S. is the main socio-commercial partner of all Central American countries. Other important socio-commercial countries in Central America are the European Union, Japan, Dominican Republic and Mexico. [2]