The Dominican Republic's Economy

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Imagine being in a country that does not have the best economy and has to help their neighboring country because of the earthquake they had. The Dominican Republic is one of those countries that has its ups and downs but is willing to help. The Dominican Republic’s economy has been through it’s ups and downs, but right now it is stable.
The families of the Dominican Republic have struggled through this time, but most of them are on their feet. While the others, are still struggling with large families and poverty. Over the last two years, the share of Dominicans living in poverty has also substantially declined from 36.4 percent in 2014 to 30.5 percent in 2016, according to official estimates. Yet, social spending in the DR remains low compared …show more content…

The economy is highly dependent upon the US, the destination for approximately half of exports (“Overview”). The Dominican Republic was for most of its history primarily an exporter of sugar, coffee, and tobacco, but in recent years the service sector has overtaken agriculture as the economy's largest employer, due to growth in construction, tourism, and free trade zones (FocusEconomics). Some of their agriculture products include: cocoa, tobacco, sugarcane, coffee, cotton, rice, beans, potatoes, corn bananas, etc (FocusEconomics). The percentage for people that work in agriculture is 14.4 percent (“Overview”). There is a large yet small percent of people that work in agriculture because most of their crops have wiped out, but are working on building them up again. Trade is another big part of the job tasks and the economy in the Dominican Republic is highly dependent upon the US, the destination for nearly 60% of exports (“Dominican …show more content…

The DR is very popular on tourism and is very dependent on tourism because that is where they get most of their money. They get tax money and all the money that tourists spend on vacation. The Dominican Republic's economy rebounded from the global recession in 2010-16, and the fiscal situation is improving. A tax reform package passed in November 2012, a reduction in government spending, and lower energy costs helped to narrow the central government budget (“The World Factbook”). The growth of the Dominican Republic’s economy rebounded in 2010 from the global recession, and remains one of the fastest growing in the region (“Dominican Republic”). Lots of people have been purchasing many things because of Hurricane Irma and because of that consumer prices increased 0.57% in August compared to the previous month, which was above July’s 0.18% month-on-month increase (“The World Factbook”). The percentage for service jobs is the highest of them all and that is because there is so much to do, and the percent is 64.7

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