Dominican Republic Economy Essay

This paper’s purpose is to learn a little bit more about the economy of the Dominican Republic. Even though I grew in the dominican Republic, I never got the opportunity to question or learn more in depth about its economy. This paper is a great getaway for me to actually learn more about the country that saw me grow. In 2015, according to the World Bank Group, the Dominican Republic was featured, along with other countries such as Trinidad and Tobago, among the countries that have implemented the most reforms in Latin America. As of 2013, the country’s overall GDP was about $101 billion, and the per capita GDP $9,700.

The Economy in the Dominican Republic is pretty diversified. It is mostly based on services, manufacturing, trade, telecommunications, constructions, and agriculture. In agriculture, the main production is sugar cane. Coffee, cacao, and tobacco as the other most produced

The reason is that the US is the destination to about half of the exports in the country. the remittances from the US add up to 5% of the Dominican GDP. This is about one-third of exports and about two-thirds of tourism. Tourism is also a big component in the country’s economy because services accounts for about half of the Dominican workforce and roughly half of the Country’s GDP. Tourism has become one of the most important sources from foreign exchange. Since mid-1980s, the country is considered one of the most popular destinations for tourist interested in traveling to the Caribbean. The country has drawn a large number of foreign visitors, encouraging the building and/or expansion of resorts and airports in the northern, eastern, and southern coast areas. However, because there are drawbacks to this. The increase in tourism has also increased the need to import high priced luxury items, thus affecting the country’s balance of payment. Also, this has led to a greater pollution to the dominican limited