IMF recognizes contributions of tourism to the economic recovery of the DR

The agency values ​​that the Dominican economy showed remarkable resistance, with solid policies that supported stability

In its report on the 2022 Article IV Consultation, the International Monetary Fund (IMF) highlighted the contributions of the tourism sector to the economic recovery experienced by the country after the pandemic and despite the adverse effects of the war in Ukraine.

“The economy has recovered strongly from the pandemic, despite global factors that created challenges in terms of inflation. Real GDP increased by 12.3% in 2021, amid broad sectoral growth, including a notable recovery in tourism, with arrivals exceeding 2019 levels since last fall.

The IMF maintains that the Dominican Republic’s economy showed remarkable resilience, with sound policies that supported stability and maintained good market access, an effective health campaign, and a well-coordinated reopening, including to tourism, allowed the Dominican Republic to take advantage of maximizing global recovery and limiting the scars and growth of poverty.

He points out that this allowed for a strong and broad-based recovery, with end-2021 gross domestic product (GDP) roughly 5% above pre-pandemic levels, allowing for anticipated fiscal consolidation and normalization of economic growth. monetary policy to address inflationary pressures.

Other sectors that grew strongly, according to the IMF, were exports and remittances, while the increase in domestic demand and the prices of raw materials increased the current account deficit.