Abinader says Dominican Republic growth doubled that of the region in 2024

In his fifth accountability speech before the National Assembly, on the occasion of the 181st anniversary of the Independence of the Republic, President Luis Abinader, highlighted the great economic potential of the country, according to the projections of the International Monetary Fund (IMF) and pointed out as important achievements of his Government last year the growth of 5% of GDP. which is double the 2.5% achieved by the Latin American region, growth in employment, free zones, tourism, foreign direct investment, and poverty reduction.

“This places the Dominican Republic among the countries with the highest global economic growth in 2024 and consolidates our economy as one of the most dynamic in Latin America,” he said.

In the past year 2024, he assured, work has continued for the transformation of the productive system, promoting the diversification and competitiveness of the economy, and laying the foundations that will allow economic growth to be maintained and the Gross Domestic Product to double in the next decade.

“That’s right: we can turn the Dominican Republic into a middle-to-high income country and improve all the indices of well-being. We can and we will achieve it, reach 15 thousand dollars of per capita income in the coming years and bring the country’s middle class from 40 to 50% of the population,” Abinader added.

He stressed that as part of the progress of his government, public debt has been reduced from 61% to 57.5%, a figure that he said contrasts with the increase in indebtedness that, as a result of the crisis, most countries are registering. He presented the favorable country risk ratings granted by the evaluation firms Fitch and S&P, which in their reports highlight the country’s good economic performance, the improvement in governance and institutionality indicators, the good management of public debt and the adequate public policies implemented by the Government.

Record exports

“Today our country exhibits a success story throughout the region that combines growth and economic development, opportunities, social protection and poverty reduction at all levels,” he said.

In 2024, the country achieved the best year in the history of its exports, with more than US$13,852 million, equivalent to a growth of 7.1% compared to 2023 and an increase of 23.8% compared to the pre-pandemic year 2019, according to data from the Central Bank. In terms of attracting foreign direct investment, the country attracted a record US$4.512 billion in 2024, consolidating three consecutive years in which foreign direct investment has exceeded US$4 billion per year, “thanks, among other things, to the legal security that our country enjoys,” he added.

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Consolidated public debt

Debt down from 61% to 57.5%

At the end of 2024, the consolidated public debt with respect to the Gross Domestic Product was 57.5%. When we took office in August 2020, this indicator was 61%. This data contrasts with the increase in debt in the vast majority of countries, due to the crisis.

In addition, the IMF in its latest report concludes that the country’s public debt is sustainable.

Formal employment grows

Thanks to employment policies, for the third time since 2022, the open unemployment rate stood at 4.8% at the end of 2024, the lowest level in history excluding the anomaly recorded in the second quarter of 2020, Abinader said.

Meanwhile, the expanded unemployment rate stood at 9.4%, the lowest level in history. This result becomes even more relevant if one takes into account that at the beginning of the 2020-2024 management this indicator was at 16.8%, the second highest level in history.