New York.- President Luis Abinader highlighted that the Dominican Republic has achieved significant economic growth in the last fifty years, with an average annual growth rate close to 5%, which translated into a gross domestic product (GDP) exceeding 130 billion dollars, making the Dominican Republic the seventh largest economy in Latin America and the Caribbean.
Abinader highlighted that the country’s macroeconomic stability has created a favorable business climate, attracting significant foreign direct investment (FDI), which has accounted for almost 4% of GDP in recent years, one of the highest rates in the region.
This positive outlook has been recognized by major credit rating agencies such as Fitch, Standard & Poor’s, and Moody’s, all of which have recently upgraded their ratings or outlooks for the Dominican Republic.
The country’s lower risk rating in the Emerging Markets Bond Index (EMBI) compared to other nations with investment-grade ratings has resulted in lower borrowing costs.
Speaking at the Conference on Infrastructure Investment in Latin America and the Caribbean, organized by the Development Bank of Latin America and the Caribbean (CAF) and the Financial Times, Abinader highlighted the Dominican energy sector as a key area for investment.
The country aims to achieve a surplus by 2027, potentially allowing the sale of electricity to Puerto Rico through an undersea cable, and reach 30% renewable energy generation by 2030.