The Dominican Republic will experience the highest growth rate in Latin America during the five-year period from 2024 to 2028 and will become the third richest country in the region in per capita terms in 2028, according to an analysis by the digital publication Latinvex based on new data from the International Monetary Fund (IMF).
“The country is now one of the few in Latin America with a pro-business president, Luis Abinader, who has won widespread praise for his handling of the COVID pandemic, boosting tourism, fighting corruption and implementing pro-market policies since taking office in August 2020,” the website highlights.
They highlight that while the IMF expects Venezuela and Panama to register the greatest economic expansion this year, the next five years will be dominated by the Dominican Republic (with almost 5%) and Panama (with 4%). Panama is expected to remain the richest country in Latin America over the next five years, but by 2028, the Dominican Republic is likely to become the third richest country in Latin America behind Panama and Uruguay, according to IMF projections.
In that vein, the Economic Commission for Latin America and the Caribbean (ECLAC) reiterated yesterday that the Dominican Republic and Panama are projected to experience 4.6% GDP growth in 2023, but Venezuela is expected to lead the region with 5%, according to its new economic growth projections released yesterday. These estimates maintain ECLAC's previous projection from January 2022 for the Dominican Republic.
They explained that, as in the rest of the world, inflation in the region shows a downward trend, and the process of raising interest rates in several countries of the region is expected to be nearing its end.
Source: Today
