The Dominican Republic’s economy is the fastest-growing economy in all of Latin America, surpassing Panama. This island, located in the Caribbean Sea, in recent years, has had significant economic growth. In 2015, the Dominican economy grew by 7%, one of the fastest-growing in the world and the ninth-largest economy in Latin America.
In terms of its people and customs, the culture of the Dominican Republic is nourished by the mixture of Spanish, African, and Taino roots. The Dominican Republic was the first Spanish colony in America. Like other Caribbean peoples and in a general sense of Latin America, the Dominican Republic has a culture based on racial syncretism.
In the second half of the 19th century, the Dominican economy was characterized by the excessive increase in the money supply due to the frequent introduction of new monetary cones to face the constant hyperinflation, sometimes circulating several national currencies the same time (reals and pesos ).
This Caribbean Island has maintained significant economic growth, its nominal GDP is estimated at $ 96,291 and its per capita income at $ 9,194. The Dominican Republic has a population of approximately 11,129,128 inhabitants.
The Dominican Republic registered an economic growth of 4.8% in 2019, one of the best in Latin America. Remittances, the increase in exports, and the low rate of inflation play a fundamental role in developing the Dominican economy.