The Dominican Republic will see Latin America’s highest growth rate during the five-year period from 2024 to 2028 and become the third-richest country in the region in per capita terms in 2028, according to a Latinvex analysis of new data from the International Monetary Fund (IMF).
The country is among the few in Latin America today that has 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 he assumed office in August 2020. (Abinader was named Leader of the Year in 2021 by Latinvex).
While the IMF expects Venezuela and Panama to post the highest economic expansion this year, the following five years will be dominated by the Dominican Republic (at almost 5 percent) and Panama (at 4 percent).
Panama is expected to remain Latin America’s richest in the next five years, but by 2028, the Dominican Republic will likely become third-richest in Latin America behind Panama and Uruguay, according to IMF projections.