March 21, 2016 |
President Danilo Medina struck a bullish tone in his late February State of the Union address, saying growth this year for the Dominican Republic would be 6%, making the country an oasis in a region that, according to the IMF, is set to contract in 2016. Inflation is under control at around 2%, the current account deficit has fallen to around 2% and international reserves have increased. Exports last year were approximately $9.6 billion and should top $10 billion in 2016. Foreign direct investment (FDI), meanwhile, is expected to average around 4% of GDP for this year and next.
Rating agencies, investors and international organizations convey an optimism on par with Medina’s, who is up for
The Dominican Republic’s economy is outpacing those of big and small countries alike – across Latin America. And prospects are looking up, thanks to a healthy mix of domestic demand, tourism and foreign investment in strategic sectors.