In global city regions: growth is spurred by investment in the secondary sector of the economy.10/11/2023 ![]() The urban population increased by 50%, and the country went from being an agricultural society to one dominated by large metropolitan areas. In the last 15 years, more Dominicans moved to the cities. But it also brought more populations to the cities. Growth has led to an increase in the middle class and a reduction in poverty. Reduced fiscal space has reinforced the declining trend in public investment (from 3.9 to 2.8 percent of GDP between 20). Public debt remains above pre-pandemic levels and the interest bill has already absorbed three percent of GDP in 2022. While GDP has fully recovered from the pandemic, the fiscal position has weakened. Expansionary fiscal policy also contributed to growth. Real GDP grew by 4.9 percent in 2022, driven by services. The hotels, bars, and restaurants sector grew by 24 percent for the same period, supported by an active government vaccination campaign, and a recovery in global tourism. The Dominican Republic has been one of the fastest growing economies in Latin America and the Caribbean in the last decade.
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