In order to focus on the Dominican Republic economy, it necessary know that any policy of a country must be oriented to its economic growth. This should help to obtain a defense mechanism for the country, when it is influenced by the increase in inflation. If you have good defense mechanisms, the time or state that the country passes can be recovered in the blink of an eye, that is, quickly.
Basic topics about Dominican Republic Economy
It is important to take into account not only the number of companies that make life in the country or the number of visitors who come to live in the place, either for work or simply tourism. The important thing that has a great effect and influence is the level of jobs that the country offer to their inhabitants. This is a tax regime capable of collaborating with the expansion and expansion of investors to increase wealth.
The Dominican Republic economy was affected in the 80s and 90s, where inflation reached 100%. Was until 2002 when it decreases, giving way to the growth and improvement of the country. The biggest growth factor that the country has had was thanks to tourism.
In recent years the economy has a great advance . Dominican Republic take the position number sixty-eight (68) by volume of gross domestic product, indicating this way the standard of living of the inhabitants of the Dominican Republic. Therefore, according to GDP (gross domestic product) the inhabitants have a low standard of living in relation to the other countries that belong to the GDP per capita ranking.
The main economic income of this country is mainly agriculture, foreign trade, tourism, services, industry and mining; some with greatest booms than others.
- Mining: it has had an evident reduction in the development of this activity. The reason is taht reserves have been exhausted.
- Agriculture: it is a source of income for the economy of the country and at the same time it is a source of great jobs. One of the purposes is to increase national production. The other one is reduce the risk that the land has with the natural disasters to which the territory of the Dominican Republic is commonly affected.
- Foreign trade: in trade it is perceived that this has been liberal because the restrictions that existed in imports were eliminated. Exports are covered by fiscal compensation.
- Tourism: it produces a great income to the country, from the Dominican Republic is surrounded by a great diversity of culture and histories. That little by little with the waste of time has reached the highest peak of its history. A real fact is that the highest income comes from the exploitation of this activity. Hotel network in the country are the more productive sector.
The tourism and services offered by the Dominican Republic have provided the population with a high rate of jobs. This improve the economic sustenance for several families in the region.
Wage of a worker
The wage of a worker in this country ranges between RD $ 11,684, which is equivalent to $ 254. This placing like one of the lowest minimum wages in Latin American countries. In spite of the salary increases that are dictated in the Republic every Workers’ Day; this in accordance with the International Monetary Fund.
In spite of everything, the Dominican economy grew undoubtedly this year. The monthly index of the economic activity showed a great elevation in the month of March of this year. It is expected that at the end of the year continue with this boom or with a greater one.