President Luis Abinader challenged Dominicans to believe that ongoing efforts to diversify and make more competitive the economy are setting the base for sustained economic growth and the doubling of the Gross Domestic Product over the next decade. “This is not just a goal; it is a tangible possibility. We can turn the Dominican Republic into a country with upper-middle-income status and improve all measures of well-being. We will achieve this and reach a per capita income of US$15,000 in the coming years while increasing the country’s middle class from 40% to 50% of the population,” said the President. In 2023, the per capita income was US$8,857.
President Abinader spoke during the Dominican version of a State-of-the-Union address on Thursday, 27 February 2025 at the National Assembly before the members of the Senate, Chamber of Deputies, ministers in government and diplomatic corps. This was the fifth time Abinader had addressed the nation and presented the achievements of the past 12 months.
The President reported on the growth and stability of the economy and reviewed government achievements.
The President spoke of the results of public policies implemented, which show clear indicators and evidence that, if we continue on our current growth path, the proposed target of doubling our economy’s size is fully achievable. In 2024, the DR’s GDP grew by 5%, surpassing Latin America’s average of 2.5%. The Dominican Republic is the most dynamic economy in the Latin American and Caribbean region.
Abinader in his address pointed out that according to projections from the International Monetary Fund (IMF), the Dominican Republic is one of the region’s most attractive countries for investment, with greater social peace and a solid reform agenda and tremendous growth potential. “Today, our nation is an exemplary case of success in the region, combining economic growth and development with opportunities, social protection, and poverty reduction at all levels,” said the President.
In 2024, the country achieved the best year in Dominican export history, reaching over US$13.85 billion—an increase of 7.1% compared to 2023 and a substantial rise of 23.8% compared to pre-pandemic 2019, according to data from the Central Bank. These have been the four best years of exports in our history.
He said the country experienced a record level in exports of US$13.85 billion, or 7.1% more than 2023. He said the past four years have been the best years for exports in the country’s history. He estimated that at this pace exports could reach US$17 billion at the present pace.
He again mentioned how the DR attracted US$4.51 billion in foreign investment, consolidating three consecutive years of FDI over US$4 billion. He stressed the DR is the leading country in Central America and the Caribbean in FDI.
Abinader is proud that the expanded unemployment is now at 9.4%, the historic lowest. He said this is down from 16.8% in 2020, when he began his first term.
He spoke of tourism and forecast that by 2028, the country should be receiving a record 14 million tourists, up from the present 11 million in 2024.
“Today our country is a success story for all the region, combining growth and economic development, opportunities, social protection and reducing poverty,” he highlighted.
Read more in Spanish:
Presidency
Listin Diario
Diario Libre
Hoy
3 March 2025