Dominican Republic’s Tourism Sector Experiences Historic Strengthening with Prestigious Hotel Brands

• The Dominican Republic’s tourism industry has witnessed significant growth and enhancement in terms of diversification and quality of accommodations, due to the unwavering commitment of highly prestigious hotel brands.
• This development has allowed the country to position itself in a segment that caters to a more discerning and demanding clientele.
• While the country’s tourism authorities acknowledge the importance of maintaining their core offering of sun and beach tourism, they also recognize the need to promote further diversification.
• According to Minister of Tourism David Collado, it is crucial to ensure that public beaches match the quality and amenities found in private areas to continue attracting nature-loving visitors.
• By investing in the improvement and development of public beach areas, the Dominican Republic aims to offer a diverse and appealing range of tourist experiences which will help to bolster economic growth.
• Fitch forecasts that growth will ease in the Dominican Republic from 4.9% in 2022 to 3.5% in 2023, primarily due to a weakening US economy in H223. Nonetheless, the Dominican Republic is forecasted to remain one of the Caribbean’s fastest-growing economies over the next decade once rising commodity prices and inflation subside.

(Source: Dominican Today & Fitch Solutions)