The Dominican Republic is the ninth-largest economy in Latin America and the largest in the Caribbean and Central America region. In 2018, GDP amounted to 78.93MUSD with an average growth of 5.3% per year and 7% in 2018. It is considered one of the fastest economies in Latin America and the Caribbean.
The government has doubled the education budget since 2013 implementing reforms to improve learning outcomes. As a consequence, the industrial sectors have been favored and boosted, thus generating more jobs and domestic demand.
Due to steady growth, the Dominican Republic has become an upper-middle-income country according to the World Bank and is classified in the group of countries with a “high” Human Development Index (HDI).
The Dominican economy depends mainly on the sectors of services, foreign trade, mining, pharmaceutical industry, electrical components, textiles, agriculture, footwear and tourism; these being the pillars for a diversified economy and a potential industry. The Dominican Republic is the largest recipient of foreign investment in the Caribbean and Central America. The attraction of foreigners, industries, corporations and transnationals projects a prominent and prolific political and economic stability. The geographical position of the island plays a fundamental role in the interest of foreign markets and is currently one of the most important logistics hubs in America.
In addition to having a privileged location, the Dominican Republic has large mining deposits such as gold, silver, nickel, marble and amber. It is also considered the Singapore of the Caribbean thanks to its infrastructure and has seven million potential internal consumers added to the 900 million external consumers due to free trade agreements with economically developed countries.
According to the 2010 Constitution, the government of the nation is essentially civil, republican, democratic and representative.
The political powers are divided into three parts: Executive Power, Legislative Power and Judicial Power.