“The best is yet to come”: These six words are frequently heard from Dominican Republic President Luis Abinader, who is enjoying one of the highest approval ratings in the region at 70%. But as Abinader’s term nears the halfway mark, this rosy outlook will be put to the test as the Dominican Republic suffers from region-leading inflation amid global price hikes. Time will tell if Abinader can usher in the new era of growth and prosperity he is promising.
The Dominican Republic has already experienced robust growth over the last 25 years, seeing its economy expand by an average of 6.1% per year, according to the World Bank. The Dominican economy contracted by 6.7% in 2020 but bounced back with 12.3% growth in 2021. And the longer-term picture remains a positive one: In July 2020, the Organization for Economic Cooperation and Development (OECD) ranked the Dominican Republic the fastest-growing economy since 2010 in Latin America and the Caribbean.
Read more on the Americas Society/ Council of the Americas‘s Americas Quarterly website: https://www.americasquarterly.org/article/will-inflation-spoil-the-dominican-republics-success/
Americas Quarterly is a publication dedicated to politics, business and culture in the Americas.