The InterAmerican Development Bank Group “Activities Report 2019” has the Dominican Republic seeded as the country with the largest economic growth in Latin America, Central America and the Caribbean. The document was released during the IDB Governors Meeting on Central America and the Caribbean held in El Salvador over the weekend. The Dominican Republic showed a 5% growth rate in Gross Domestic Product, versus Panama with 4.3%. The regional average was set at 3.4%, which is above the average for Latin America and the Caribbean and above the global forecast of 3% growth in GDP.
The high growth is attributed to an increase in exports, a larger amount of remittances, resulting from the United States’ continuing economic success, together with greater internal consumption influenced by low inflation rates. During 2019, the IDB approved US$384 million in financing for the Dominican Republic, which was used for improved transportation, agricultural development and improved energy efficiency.
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Listin Diario
IADB
24 February 2020