Santo Domingo.- The Dominican Republic has surged to the forefront of global tourism, according to a recent report by Latinometrics. Despite its relatively small size, the Caribbean country has made significant strides in attracting visitors, outpacing even larger countries like Brazil and Argentina.
With a population of nearly 11 million and a surface area that could fit 175 times into Brazil’s, the Dominican Republic is one of the smallest countries in Latin America. However, it has managed to punch above its weight, boasting a diversified export economy worth $13,000 million in 2023. Key exports include electrical equipment, medical instruments, and tobacco, while services account for 57% of GDP, with tourism being a significant contributor.
As the “Tourism Bank” and a major financier of the tourism sector, Banco Popular Dominicano is committed to supporting local businesses and foreign investors seeking to capitalize on the sector’s growth potential. The bank highlights the importance of tourism as a key driver of the Dominican Republic’s economy.
The country has emerged as a global leader in tourism post-pandemic, welcoming 7.1 million visitors in 2022 and over 10 million last year. Notably, it attracted 60% more tourists than Brazil, the region’s largest country by population and size. This makes the Dominican Republic one of the most visited countries in Latin America, second only to Mexico.
The country’s tourism boom has also had a positive impact on investment, with two consecutive years of record foreign direct investment (FDI). Political stability has played a crucial role in attracting foreign capital in Latin America, and this has undoubtedly been a key factor in the Dominican Republic’s strong economic growth.