World Economy

Dominican Republic Outpacing LatAm Growth

Dominican Republic Outpacing LatAm GrowthDominican Republic Outpacing LatAm Growth

The Dominican Republic’s economy is likely to expand by about 6% this year as construction and tourism continue to buoy one of the fastest-growing countries in the region, President Danilo Medina said in his annual address to Congress Saturday, Bloomberg reported. Medina, who’s up for re-election, said the country’s $64 billion economy will again outpace that of Latin America, which the International Monetary Fund projects will see a contraction of 0.3% this year. The Caribbean country grew 7% in 2015, according to its central bank. The country of 10.5 million people, which shares the island of Hispaniola with Haiti, has relied on foreign investments and tourism to grow. In 2013 it set a goal of doubling the number of tourist visits to 10 million within a decade. Already the most-visited destination in the Caribbean, the Dominican Republic will see about $6.5 billion in earnings from its tourism sector this year, Medina said.