Dominican Republic Economy Essay

726 Words2 Pages
bulb-icon

Recommended: Tourism in the dominican republic importance

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 …show more content…

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

Show More
Related

  • Struggles of a Dominican American Family

    859 Words  | 2 Pages

    Junot Diaz is Dominican American, and he came from a very poor family with five other siblings. Since they were not that wealthy, they lived in a simple way. Even though his mother was basically the bread winner of the family since his father could not keep a job, she still manages to send money back home every six months or so. When they got home from their vacation, they had found out that someone has broken into their house and stole most of his mother’s money. It was easy for them to be a target because they were recent immigrant, and in their neighborhood cars and apartment were always getting jacked. His mother was very upset; she blamed her children, because she thought it was their friends who had done such a thing. “We kids knew where

    Read More

  • Rafael Trujullo: A Successful Leader Of Rafael Trujillo

    726 Words  | 2 Pages

    In the beginning, Rafael Trujillo was a fruitful and beneficial leader to the country of the Dominican Republic. Trujillo reduced foreign debt and made the country more profitable, mainly because he was an excellent business man. However with this new prosperity, came the loss of the citizen's political liberties (1 “Rafael Trujillo”). Rafael Trujillo may have made the country more profitable, but he still was getting away with taking away innocent citizen’s political liberties.

    Read More

  • Haitian Immigration to the Dominican Republic: Causes and Impact

    1579 Words  | 4 Pages

    The Dominican Republic is a country appealing to the Haitians, because that is the nearest to them and can have better quality of life. But, in recent years we have seen a massive immigration from Haiti to Dominican Republic. These leads us to ask, what are the reasons which the people of Haiti are fleeing their country. These factors are: to escape of the poverty, deficiency of basic services and lack of jobs. Due to the scarcity of resources, lack of access to basic services and lack of job opportunities, many haitian families have been used as a defense mechanism traditional your transfer to the Dominican Republic to have access to health care services, public schools or work in the agricultural

    Read More

  • Dominican Republic Vs Haiti

    1520 Words  | 4 Pages

    Today I bring to your forefront of thought, the island of Hispaniola. This island is the namesake for the two countries who run the land, the Dominican Republic and Haiti. Both nations hail from a joint introduction into the world market and post-European colonization, but as time progressed, each one had a different outlook to the world stage. The present day Dominican Republic and Haiti are worlds apart on an island which keeps them together. Their culture is separated by the colonial residuals that lay imbedded into their communities. They are on different sides of the spectrum of structural growth due to the resulting outcomes from decades of political ruling and policy making. On one side we have the second independent state of the Americas,

    Read More

  • Differences Between Dominican Republic And United States

    322 Words  | 1 Pages

    The Dominican Republic is different from many countries but specially the United States. Many people go on summer to the Dominican Republic but had they ever ask themselves what makes this small and beautiful island different from the most powerful country in the world (The United States).When I wake up in the Dominican Republic the year stations are all the same, hot, no change. The climate in the Dominican Republic is Semitropical. The language of the Dominican Republic is Spanish. Still the culture of the Dominican Republic is unique. The Dominican culture is awesome all types of colors and variety in base of people. People dance all the time. However every weekend is a celebration. I can go to the beach whenever I like to, I don’t have to wait until summer. But what does it makes it different from United States. In contrast when I wake up in the United States it can be cold one day and the next day hot. The climate in the United States varies due to the differences in latitude and a range of geography features. Basically United States has 4 types of weather, cold, not too cold, a little bit hot, too hot. The language in the United States is English. The culture of the United States is Western, but is influenced by African, Native Americans, Asian, Polynesian, and Latin American. United States has a mix culture because people come all over the world, to have better opportunities or just to change their way of life. The weekends in the United States are

    Read More

  • Job Statistics in Latin America

    814 Words  | 2 Pages

    After the fall of the ISI standard, many questions began to arise in regards to how Latin American countries should move forward in its development, improve growth, and create jobs. From around the 1930s until the 1980s after many Latin American countries became independent, they wanted to have economic success and become somewhat economically independent and self-sustaining. Initially these countries thought that the best way to move forward with was Import Substitution Industrialization (ISI). However, when the 1980s came around these counties realized that ISI was not the best policy for the economy or the future. ISI lead inefficient industries because they were not exposed to international competition, the focus was not on the rural sector and lead to impoverishing the local producers, and the extreme protectionist ideals did more harm than good. The issue that has to be resolved as Latin America moves forward pertains to unemployment and the job market; many countries are trying to fix the issues that surround the job market and define who are the people that actually have jobs so that those that do not can learn what they need to in order to become employed.

    Read More

  • Dominican Culture Research Paper

    331 Words  | 1 Pages

    As an immigrant, I have talked about my culture numerous time, and as a Psychology major, I was certain, I knew all about culture. For instance, Dominicans we are loud, we are always talking about food, merengue, salsa or bachata music, or things we used to do when we still lived in the Dominican Republic. In fact, my Dominicans friends and I use the phrase “that’s so Dominican”, as though we have identified every pattern of behavior of my country. Interestingly, after I read the initial chapter of this course textbook, I realized that culture was not limited to customs, or typical dishes, but rather, that the extent of culture goes beyond race, ethnicity or nationality. In the book, there are two ways in which culture is defined: broad and

    Read More

  • Dominican Republic Research Paper

    1001 Words  | 3 Pages

    As a developing country D.R. is constantly faced with not only economical issues, but also social and environmental. The natural resources, which are the primary source of income via tourism, are being threatened by the way Dominicans are naively and unsustainably designing, building, and living. Over utilizing the already non-efficient power lines, mining the beaches to bring sand in virgin land, contaminating with black water the only resources of fresh water, proudly breaking the established laws, and poorly building over 50% of the entire housing system in the island are some of the repercussions of this uneducated society.

    Read More

  • The Dominican Republic and Haiti

    3984 Words  | 8 Pages

    This physical border is only one indication of the clear contrast between the two countries that share Hispaniola. According to the CIA World Factbook, in 2002 the Dominican Republic had a per capita GDP of $6,100, with 55% of the work force in the service sector and 25% of the population below the poverty line, while in Haiti, the per capita GDP was only $1,700, with 66% of the work force in the agricultural sector and 80% of the population below the poverty line. Likewise, the Dominican economy expanded by 4.2%, while the Haitian economy shrank by 1.5%. Historical differences in the political nature of both countries determined the diverging courses which each had taken, especially considering the dictatorships of Rafael Trujillo in the Dominican Republic and the Duvalier family in Haiti. Structures of government, corruption within these structures, and economic decisions paved these two paths.

    Read More

  • Dominican Republic Country Analysis

    915 Words  | 2 Pages

    After a recent recession that left the country in poor condition, the DR is quickly getting back up on its feet, increasing its GDP, import and export standing, and simply its overall economic quality. The country is quickly climbing the ranks, beginning to stand as one of the largest and most successful economies in Latin America. With the increase of tourism, trade, and communication in the developing country, the Dominican is continuing to grow at a very impressive rate and it seems that it will continue to do so in the years to

    Read More

  • Dominican Republic

    2169 Words  | 5 Pages

    Although the service sector has recently overtaken agriculture as the leading employer of Dominicans ,ue principally to growth in tourism and Free Trade Zones, agriculture remains the most important sector in terms of domestic consumption and is in second place in terms of export earnings. Tourism accounts for more than $1.3 billion in annual earnings. According to the 2005 Annual Report of the United Nations Subcommittee on Human Development in the Dominican Republic, the country is ranked #71 in the world for resource availability, # 94 for human development, and #14 in the world for resource mismanagement.. The Dominican Republic enjoys a growing economy with CIA World Fact book stating a 10.7% Real growth percentage in 2006 even though Inflation holds a 8.2% in the economy.

    Read More

  • Why I Am Proud To Be Dominican Essay

    568 Words  | 2 Pages

    I'm proud to be Dominican because of the traditional cuisines. All these different meals leave my mouth watering, and even the sight is enough to know that's it going to be good. Meals like, mangu with salami, queso frito and eggs or a traditional sancocho, which is a type of stew that includes meat, vegetables, yuca and others, leaves you wanting more. Why? It's simple, the seasoning. Every meal has its own kind of seasoning that just helps it become one of a kind. You can tell a Dominican is proud of their culture because of all the love that goes into the food they make. Dominican food is special because... well, you should taste for yourself!

    Read More

  • Essay On Latin America

    739 Words  | 2 Pages

    What is one of the biggest problems in Latin America today? Is it the slums that some people live in or the way poor people are treated? Both these ideas connect to Latin America’s largest problem today, the major income gap between the rich and the poor. When people think of Latin America in modern day some will think of the rich citizens who live prosperous lives, but many of them also think of the poor folk who live in slums such like the favelas of Rio. This might not seem like such a big issue to us, but for the people of Latin America this could not only affect their economy, but their politics as well.

    Read More

  • Dominican Carnaval Essay

    884 Words  | 2 Pages

    The Dominican carnaval is a popular festivity that is produced throughout the whole island during the month of February. As a result of its mixed roots with the Spaniards, the carnival started as a Christian celebration in preparation for the passion of Christ. After the Spaniards were gone and the Dominican Republic, and Haiti were settled Dominican Republic gained their independence on February 27th, 1844, and it became the tradition to keep celebrating the carnival every year during the four Sundays of the month February.

    Read More

  • Tourism In The Bahamas Essay

    2543 Words  | 6 Pages

    The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% of GDP and directly or indirectly employs half of the archipelago's labor force. In 2008, 4.6 million tourists visited The Bahamas, 85% from the United States. The number of visitors declined in 2009 due to the global economic crisis, but by December 2010, The Bahamas once again enjoyed 5 million visitors. This was a 4.5% year-on-year decrease from 2007. The financial services constitute the second-most important sector of the Bahamian economy and, when combined with business services, account for about 36% of GDP.

    Read More

More about Dominican Republic Economy Essay

Open Document