Dominican Republic, unstoppable: attracts more tourists than Latin American giants

Santo Domingo – According to a recent publication by Latinometrics, the Dominican Republic has emerged as one of the leaders in tourism globally. Despite its size, the Caribbean country has shown remarkable growth in attracting visitors, surpassing even giants such as Brazil and Argentina.

With almost 11 million inhabitants, it is one of the smallest countries in Latin America in terms of area. In fact, its territory could fit 175 times on the surface of Brazil.

Echoing the aforementioned publication by Latinometrics, Banco Popular Dominicano highlights that the DR’s export economy is relatively diversified, with a value of US$13 billion in 2023. Among the main exports are electrical equipment, medical instruments, and tobacco. However, the real driver of the economy is services, which accounted for 57% of GDP last year, with tourism standing out significantly.

“As the ‘Bank of Tourism’ and the main historical financier of the tourism sector, we support both local businesses and foreign investors to take advantage of the opportunities offered by this key sector for the Dominican Republic,” highlights the financial institution.

The Dominican Republic emerged as a post-pandemic global leader, attracting 7.1 million visitors in 2022 and more than 10 million last year. In that period, it attracted 60% more tourists than Brazil, the largest country in the region by population and size. So, one of the smallest countries is also the second most visited in Latin America, only behind Mexico.

This dynamism is shown not only in the arrival of tourists but also in the attraction of investment, as evidenced by the two consecutive years of record foreign direct investment (FDI).

Political stability is a crucial factor in Latin America’s ability to attract foreign capital. Undoubtedly, this has been a key element in the Dominican Republic’s strong economic growth.