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BiggerPrice stability and investment boost Dominican Republic’s growth
Santo Domingo.- Minister of Economy, Planning, and Development, Pável Isa Contreras, emphasized the importance of price stability and increased investment in driving the Dominican Republic’s GDP growth. Speaking at “La Semanal con la Prensa” with President Luis Abinader, Isa Contreras projected GDP growth of around 5% for 2024, 2025, and 2026. He credited a favorable investment environment, supported by stable prices, for sustaining this growth. Between 2021 and 2023, total investment averaged over 30% of GDP, surpassing the 25% average from 2010-2019, reflecting strong business confidence.
Foreign direct investment, particularly in tourism and renewable energy, also plays a key role, with $4,000 million invested in 2023, and higher figures expected in 2024. Isa Contreras highlighted government initiatives like the Pedernales Tourism Development Project, the San Juan Plan, and the Port of Manzanillo, which aim to boost economic activity in the border regions.
- Historical Context: The Dominican Republic has faced challenges with corruption for many years, which can undermine public trust and hinder progress.
- Political Will: Effective reform requires strong political will and commitment from leaders. Without this, efforts to combat corruption and improve governance can falter.
- Transparency and Accountability: Implementing measures to increase transparency and accountability can help reduce corruption. This includes stronger oversight mechanisms, independent audits, and public access to information.
- Civil Society Engagement: Engaging civil society and encouraging public participation in governance can create pressure for more transparent and accountable practices.
- International Support: Collaborating with international organizations and adopting best practices from other countries can provide valuable support and guidance for reform efforts.
