DR’s economy is driven by tourism, according to Bank of America
The multinational investment bank, Bank of America, highlighted that the Dominican economy has maintained a favorable performance, mainly due to the dynamism of tourism. The financial entity asserts that the dynamism of tourism, which is expected to bring in more than 7 million non-resident visitors in 2022, has helped the DR’s economy maintain strong growth while offsetting the negative effects of rising global raw material prices. In that regard, they suggest that even in the event of a potential recession in the United States during the following year (2023), the Dominican economy would continue to grow among the fastest in the region.
They clarify that due to the strength of its macroeconomic fundamentals as well as its political and social stability, international analysts and investors continue to view the Dominican Republic as a desirable location for investment. The aforementioned details were provided as part of the recent annual meetings of the World Bank and the International Monetary Fund in Washington.
The financial institution notes that the projections for the world economy continue to deteriorate, associated with lower growth and rising geopolitical tensions, in its report on the prospects for emerging economies, prepared after holding approximately one hundred meetings with the technical teams of the different countries.
In a similar vein, investors and the Bank of America team praised the economic policies that have been put in place and helped to control inflation while maintaining potential growth during their meeting with the Central Bank delegation.