Santo Domingo.- The Dominican Republic records Latin America’s highest economic growth, says Central Bank’s latest report. From January to August 2024, it noted an average growth rate of 5.1%. Despite geopolitical tensions in the Middle East and Eastern Europe, the country thrived amid a challenging global economy. In August, the monthly economic activity indicator (IMAE) displayed a 5.6% expansion.
The report attributes this growth to effective monetary and fiscal policies. Inflation remains at the lower end of the 4.0% ± 1.0% target range. Key growth contributors include the construction and free zone manufacturing sectors, which saw 6.9% and 8.1% increase in August respectively. This contribution positions the Dominican Republic favorably for the rest of 2024.
These strong economic results underline its regional leadership. It also highlights the strength of macroeconomic fundamentals and the adaptability of its productive sectors. The prospects look positive, with the anticipation of sustained growth all year round.