President Luis Abinader says he is concentrating on pushing the country on a path to double GDP by 2036. The objective is to turn the DR into a developed country.
Speaking during the 17 June 2024 press conference from the Presidential Palace, Abinader said a national pact is needed to steer the country to status as a developed country.
He sees this objective feasible given the Dominican Republic’s proven track record. He spoke of the resilience of the country in dealing with challenges such as the Covid-19 pandemic, the Ukrainian war, the slowdown of the economy to deal with imported inflation and the major difficulties caused by the Haitian crisis.
Abinader said 1.7 million new jobs need to be created, average middle wages tripled, extreme poverty eliminated, and life expectancy extended by six years, plus the investments for the country to become the most prosperous economy in Latin America.
Abinader called for actions to pass 12 institutional reforms to achieve institutionality, justice, democracy, infrastructure, energy, fiscal stability, macroeconomics, health and education, labor dynamics, innovation, technology and better business dynamics.
How to achieve the Dominican Republic’s development goals
The Presidency stresses the Dominican Republic has made significant progress in recent years, but there is still more work to be done to achieve its full potential. To meet its development goals, the country must focus on reforms in several key areas, including:
Institutionality: Strengthening the rule of law and combating corruption are essential for creating a stable and predictable environment for businesses and investors.
Justice and Democracy: Enhancing the independence and impartiality of the judiciary is crucial for upholding the rule of law and protecting the rights of all citizens.
Infrastructure and Energy: Investing in infrastructure, such as roads, bridges, and ports, will improve connectivity and reduce transportation costs. Expanding access to reliable and affordable energy is also essential for economic growth.
Fiscal and Macroeconomic Stability: Maintaining a sound fiscal policy and promoting macroeconomic stability will help to attract investment and create jobs.
Health and Education: Investing in health and education is essential for improving the quality of life for all Dominicans. This includes expanding access to quality healthcare, as well as improving the quality of education at all levels.
Labor Dynamics and Innovation: Promoting innovation and entrepreneurship will help to create new jobs and boost economic growth. This includes investing in research and development, as well as providing support for small businesses.
Technology and Business Dynamics: Embracing new technologies and improving the business climate will make the Dominican Republic more competitive in the global economy.
Cross-cutting actions implemented
The Dominican Republic has already taken steps to address these challenges. These include:
Promoting the independence of the judiciary
Fighting corruption
Moving towards a zero bureaucracy approach
Drafting laws to promote fiscal responsibility
Reforming the police and security forces
Enacting a new customs law
Encouraging exports and foreign direct investment
Developing a national cargo logistics plan
Implementing an urban mobility plan
Creating a national territorial development plan
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18 June 2024