Dominican Republic will become the third richest economy in Latin America in 2028

Inspenet, April 29, 2023

The Dominican Republic will position itself as the third richest economy per capita in Latin America in 2028, according to an analysis carried out by Latinvex with data from the International Monetary Fund (IMF). Currently, Panama continues to be the richest nation in the region, followed by Chile and Uruguay.

The analysis highlights that the Dominican Republic will be the economy with the highest growth rate in Latin America over the next five years, from 2024 to 2028, surpassing Panama in the process.

Pro-business president and his management of the pandemic boost tourism and the economy of the Dominican Republic

This growth is attributed in large part to the management of President Luis Abinader , who has received praise for his handling of the covid-19 pandemic, as well as for his promotion of tourism and his fight against corruption. Latinvex also named Abinader Leader of the Year in 2021.

1731 Republica Dominicana economia 2
Dominican Republic will become the third richest economy in Latin America in 2028

Brazil and Mexico are left behind: Which are the countries that will lead the economic growth in Latin America in the next five years?

Although the International Monetary Fund (IMF) forecasts that Venezuela and Panama will experience the greatest economic expansion this year, it is expected that in the next five years it will be the Dominican Republic (with a growth rate close to 5%) and Panama (with 4% ) the countries with the best performance in the region. On the other hand, the economies of Brazil and Mexico are expected to have the worst performance.

The analysis highlights that the Latin American and Caribbean region will experience economic growth of 1.6% this year, which represents a decrease compared to last year’s growth rate of 4%. However, the region is expected to have an average expansion of 2.35% in the next five years.

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Photos : Envato

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