A Macroeconomic Review of the Dr Essay
Carlos A. Morales
Fairleigh Dickinson University-Madison
The country of the Dominican Republic is one of rich culture, breath taking panoramas, political shifts and economic turmoil. Its location in the central Caribbean makes it the perfect getaway place, its unique economic composure makes it a great country to observe and learn from. There are many things to be said about the way the country has been shaped due to politics and other factors that affect the economy directly. The bottom line is that the Dominican Republic has been struggling in seeking economic prosperity and to further evaluate the …show more content…
Among the many factors that account for the decline of the annual growth percentage rate of the GDP, agriculture came down from 6.7% in 1999 to 5.0% in 2000. The overall industry was reduced from 9.5% in 1999 to 7.6% in 2000. In addition, private consumption jumped from 4.5% in 1999 to a staggering 11.3% in 2000. Imports of goods and services also helped the growth from 1.5% in 1999 to 14.7% in 2000. The Dominican Republic is currently focusing for future growth mainly on services such as tourism and manufacturing. The plan is to take the weakest aspect of the average annual growth percentage and one of its strongest to develop and expand it as a focus for the future.
Currently, the Dominican Republic is in the stage of being an advanced Developing country. The factors that contribute to such conclusion is the fact that the population is about 8.6 Million people. Out of those 8.6 Million people, 25% are below the poverty line and there is a 34.67% infant mortality rate. The population growth rate is 1.63% with approximately -3% accounting for migration. The literacy rate is 84.1%. All these factors effectively categorizes the Dominican Republic as a developing country. The major products exported from the Dominican Republic are ferronickel, nickel, flowers, plantains,