The Dominican Republic’s economy continues to surge, with a projected growth rate that outpaces its Latin American counterparts. According to the Central Bank, the country’s economy expanded by an average of 5.1% in the first eleven months of 2024, compared to the same period in 2023.
Key drivers of this robust growth include the tourism, financial services, and manufacturing sectors. The tourism industry, in particular, has seen a significant uptick, driven by increased visitor arrivals. The financial sector has also expanded, supported by a rise in credit to the private sector.
The Central Bank also attributes the growth to the strong US economy and effective local government policies. The robust performance of the US economy has positively impacted the Dominican Republic through increased remittances, tourism, and foreign direct investment.
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