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Over the past 25 years, the Dominican Republic (DR) has experienced a remarkable period of solid economic growth. The economy grew 5.3%, on average, between 2000 and 2019, mainly driven by rapid capital accumulation and private consumption. The government's timely response during the pandemic allowed for a rapid recovery, reaching growth of 12.3% in 2021. Fiscal and monetary policies sustained the Dominican economy, as well as an effective vaccination campaign. The consolidation of the tourism sector, the increase in remittances, the important role of foreign direct investment, as well as free trade zones to promote exports, have helped turn the DR into the second fastest growing economy in the region during the last decade. This remarkable development contributes to the goal of achieving high-income status by 2030.
The strong performance of the Dominican economy continues in 2022, with GDP reaching 5.6% year-on-year gr
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