SANTO DOMINGO –The Ministry of Finance announced yesterday, Tuesday, that the credit agency Standard & Poor's reaffirmed the Dominican Republic's risk rating at "BB, with a stable outlook," highlighting the regional leadership of its economy and a Gross Domestic Product (GDP) growth of 5% annually over the next 4 years.
According to the ministry, the agency highlighted that the country's GDP per capita will reach approximately US$11,500 in 2024, almost double since 2014, and maintains that "rapid growth mitigates the risks of moderate fiscal deficits and limited budgetary flexibility.".
The Treasury also stated that the rating agency highlighted that the pro-market policies implemented by the Government have allowed it to maintain a high level of investment, estimated at around 32% of GDP in 2024.
Standard and Poor's also highlighted in its most recent report on the country that the Government has been able to advance in multiple reforms, including the approval of the Fiscal Responsibility Law, which limits the annual growth of public spending and establishes a debt ceiling; the reorganization of the public sector to reduce expenses and the constitutional reform and the Labor Code.
On November 20, the credit agency Fitch Ratings confirmed the Dominican Republic's risk rating at BB-, with a positive outlook, highlighting the strength of its economy, the progress in governance and the potential to implement reforms that strengthen the country's macroeconomic and institutional framework.
