Dominican Economy now 7th largest in Latin America
Picture by Burak The Weekender - Pexels.com
BY JOACHIM BAMRUD
The Dominican Republic has replaced Ecuador as Latin America’s 7th-largest economy, according to a Latinvex analysis of the latest data from the International Monetary Fund (IMF). The IMF forecasts that the Dominican Republic will keep that position the next five years as well.
The Dominican GDP now stands at $120.6 billion, above the $118.7 billion of Ecuador.
Earlier this year, Latinvex reported that the Dominican Republic will become the third richest country in the region in per capita terms in 2028 as a result of having the highest growth rate in Latin America during the five-year period from 2024 to 2028.
A decade ago, the Dominican Republic was the tenth-largest economy in Latin America with a GDP of 62.8 billion dollars, behind countries such as Venezuela, Ecuador and Uruguay. In 2014, the Dominican managed to pass Uruguay and in 2019 pass Venezuela.
Brazil remains the largest economy in Latin America, followed by Mexico, Argentina, Colombia, Chile, Peru and now the Dominican Republic, according to Latinvex.