Dominican Republic leads Latin America in economic growth, says IMF report

In a report issued by the International Monetary Fund (IMF) on 3 August 2023, the Dominican Republic has been identified as a leader in economic growth in Latin America. Over the last fifty years, it has shown the highest annual growth rate of 4.9% in the region.

Once one of the poorest countries in Latin America in the mid-1960s, the Dominican Republic now boasts the sixth highest GDP per capita in the region, surpassing Brazil and Mexico. In addition, the nation has seen a two-thirds reduction in poverty over the past thirty years and a 25% decrease in the Gini coefficient of inequality.

The report highlights the Dominican Republic’s leadership in income convergence with the US, demonstrating the fastest rate of convergence in Latin America. Looking ahead, the IMF report highlights the Dominican Republic’s potential to transform itself into an advanced economy by 2060 by prioritising key structural reforms.

The IMF acknowledges the risks posed by climate change, but emphasises the high growth rates that can be sustained through continued implementation of productivity-enhancing reforms.