
Analysis by Region - Emerging Markets - Dominican Republic
Description
Analysis by Region - Emerging Markets - Dominican Republic
Our GDP growth forecast for the Dominican Republic in 2022 is unchanged at 5.2%, close to our estimate for its potential growth rate. However, we nudged down our 2023 forecast by 0.6ppts to 3.8%, because of global headwinds, stemming from monetary tightening and looming recessions in advanced economies. Record tourism activity, buoyant remittances, high FDI, a robust manufacturing sector, and appropriate policy responses have supported the Dominican Republic's resilience against an ever-worsening global outlook. However, deteriorating terms of trade due to higher oil prices and tighter financial conditions will weigh on economic dynamism.
Our GDP growth forecast for the Dominican Republic in 2022 is unchanged at 5.2%, close to our estimate for its potential growth rate. However, we nudged down our 2023 forecast by 0.6ppts to 3.8%, because of global headwinds, stemming from monetary tightening and looming recessions in advanced economies. Record tourism activity, buoyant remittances, high FDI, a robust manufacturing sector, and appropriate policy responses have supported the Dominican Republic's resilience against an ever-worsening global outlook. However, deteriorating terms of trade due to higher oil prices and tighter financial conditions will weigh on economic dynamism.
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