Dominican Republic surpassing Latin America’s giants in Tourism
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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.
Who Cares. The people don’t get that money for improving in schools border security or crime. Long live abinader
There are so many people that remain poor. Most do not have money to pay to use diagnostic equipment in hospitals; or to buy medication. Many people are hungry. At the same time, I see lots of luxury cars in Santo Domingo. What are the wealthy Dominicans doing to help the ‘island’ people get ahead ? Luis Abinader is trying to change things but he could use a little help ! I read about a campaign to help dogs and pets. What about ‘people’ ?