Economic Analysis: The Dominican Republic
Chapter 2:
ECONOMIC ANALYSIS
A systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective under the given assumptions and constraints.
Economic analysis takes into account the opportunity costs of resources employed and attempts to measure in monetary terms the private and social costs and benefits of a project to the community or economy.
Introduction
The Dominican Republic has the ninth largest economy in Latin America and is the largest economy in the Caribbean and Central American region. Though long known for agriculture and mining, the economy is now dominated by services. The Dominican Republic's economic progress is exemplified …show more content…
by its advanced telecommunication system and transportation infrastructure. Nevertheless, unemployment, government corruption, and inconsistent electric service remain major Dominican problems. The country also has "marked income inequality". International migration affects the Dominican Republic greatly, as it receives and sends large flows of migrants. Mass illegal Haitian immigration and the integration of Dominicans of Haitian descent are major issues. A large Dominican diaspora exists, mostly in the United States. They contribute to the Dominican Republic's development as they send billions of dollars to their families in remittances.
The Dominican Republic is the most visited destination in the Caribbean.
The year-round golf courses are among the top attractions on the island. A geographically diverse nation, the Dominican Republic is home to the region's tallest mountain peak, Pico Duarte, as well as the Caribbean's largest lake and lowest elevation, Lake Enriquillo. The island has an average temperature of 26 °C (78.8 °F) and great climatic and biological diversity. The country is also the site of the first cathedral, castle, monastery, and fortress built in all of the Americas, located in Santo Domingo's Colonial Zone, an area declared as a World Heritage Site by UNESCO. Music and sport are of great importance in the Dominican culture, with Merengue and Bachata as the national dance and music, and baseball as the favorite sport. Tourism is one of the fueling factors in the Dominican Republic's economic growth. With the construction of projects like Cap Cana, San Souci Port in Santo Domingo, and the Moon Palace Resort in Punta Cana, the Dominican Republic expects increased tourism activity in the upcoming …show more content…
years.
Ecotourism has also been a topic increasingly important in this nation, with towns like Jarabacoa and neighboring Constanza, and locations like the Pico Duarte, Bahia de las Aguilas and others becoming more significant in efforts to increase direct benefits from tourism. Most residents from other countries are required to get a tourist card, depending on the country they live in.
A. Population
1. Growth rate
Dominican Republic prolonged 2.38% in the 2nd quarter of 2015 over the preceding quarter. The growth rate in Dominican Republic be around 1.43% from year 1992 until 2015, getting an all period great of 17.18% in the 4th quarter of 1997 and a best low of -8.14% in the 3rd quarter of 1997. The growth rate of Dominican Republic is conveyed by the Central Bank of Dominican Republic.
Dominican Republic is one of the wildest emergent economies in the Caribbean. The supreme key sector of the economy is services, precisely tourism, business and broadcastings. The Dominican Republic is similarly reliant on payments and on incomes from the free-trade zones. The Dominican Republic has existent data statements well-run on January of 2016.
Female in Dominican Republic was previous restrained at 50.15% in year 2014, conferring to the World Bank. Female people are the ratio of the population in Dominican Republic.
Death rate in Dominican Republic was latest measured at 6% in 2013, conferring to the World Bank. It shows the total of deaths stirring in the year, per 1,000 people probable at midyear.
2. Birth rate Dominican Republic was latest stately at 20.83 in 2013, according to the World Bank. It shows the total of live labors stirring in the year, per 1,000 people probable at midyear. Deducting the death rate from the birth rate delivers the ratio of regular growths, which is alike to the ratio of people variation in the lack of exodus.
a.
Distribution of Population
1. Age
The age structure of Dominican Republic population:0-14 years:28% (male 1,474,170/female 1,423,573):15-24 years: 18.5%( male 974,688/female 937,103) 25-54 years: 39.3%( male 2,078,915/female 1,984,585) 55-64 years: 7.2%(male 376,175/female 371,152) 65 years: 7% (male 336,712/female 392,688). Sex ratio ,2014 estimate is:at birth: 1.04 male/female ,0-14 years: 1.04 male/female, 15-24 years: 1.04 male/female, 25-54 years: 1.05 male/female, 55-64 years: 1.03 male/female ,65 years and over: 0.86 male/female.
2. Sex The female population is greater , with 5,219,090 women ,representing 50.15% of total, compared to male with 5,186,853 or a total of 50.15%. 3. Geographic Areas
Dominican Republic is located on the West Indies that occupies the eastern five-eighths of Hispaniola, the land border shared with Haiti, which occupies the western three-eighths of the island, is 376 kilometer long. Dominican Republic’s shores are washed by the Atlantic Ocean to the north and the Caribbean Sea to the south. The Dominican Republic is the second largest country in the Caribbean at 48,921 square kilometer; the country coastline stretches for 1,633 kilometer. The Dominican Republic is administratively divided into 30
provinces.
The capital Santo Domingo is the oldest city in the Caribbean and the New World. Other largest islands in Dominican Republic are Saona it has an area of 117 kilometer, Beata it has an area of 27 kilometer and Catalina with an area of 9.6 kilometer.
4. Ethnic Groups
The Island’s indigenous inhabitants were the Taino Indians (Aramaks) group and a small agreement of Caribbean’s around the Bahia De Samana. In the mid 1980’s, almost 16 percent black; the remainder were mulattoes. Taino impact is limited to cultigens and to a few dialect words, such as huracan (hurricane) and hamaca (hammock). There was a preference in Dominican society for light skin and “white” ethnic features. The ethnic groups percent of total population is 73% mixed, 16% white, and 11% black.
B. Economic Statistic and Activity
1. Gross National Product
Gross National Product in Dominican Republic was worth 63.97 billion USD in 2014. It measures of national income and output for a given country’s economy. GNP represents 0.10 percent of the world economy. The Dominican Republic is a upper-middle-income country with a small sized economy.
The service sector dominate the Dominican Republic economy with the largest percent, 66.75% of Dominican Republic’s GDP, while 26.93% fills in the Manufacturing and Industry and agriculture contributes 6.32% of the Gross National Product. The GDP’s Purchasing Power Parity is equivalent to 70 percent of the world’s average. This is reported by the World Bank.
2. Personal Income per Capital
The Gross Domestic Product per capita in Dominican Republic was last recorded at 5100.82 USD in 2014. The GDP per capita in Dominican Republic is equivalent to 40 percent of the world’s average. GDP per capita in Dominican Republic averaged 2484.41 USD from 1960 until 2014, reaching an all-time high of 5100.82 USD in 2014 and a record low of 1008.94 USD in 1961. The Dominican Republic is considered by the World Bank to be “Politically Stable” Life expectancy at birth is 73.23 years. The Dominican Republic has the world’s 70th largest economy by nominal GDP.
ECONOMIC ANALYSIS
A systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective under the given assumptions and constraints.
Economic analysis takes into account the opportunity costs of resources employed and attempts to measure in monetary terms the private and social costs and benefits of a project to the community or economy.
Introduction
The Dominican Republic has the ninth largest economy in Latin America and is the largest economy in the Caribbean and Central American region. Though long known for agriculture and mining, the economy is now dominated by services. The Dominican Republic's economic progress is exemplified …show more content…
by its advanced telecommunication system and transportation infrastructure. Nevertheless, unemployment, government corruption, and inconsistent electric service remain major Dominican problems. The country also has "marked income inequality". International migration affects the Dominican Republic greatly, as it receives and sends large flows of migrants. Mass illegal Haitian immigration and the integration of Dominicans of Haitian descent are major issues. A large Dominican diaspora exists, mostly in the United States. They contribute to the Dominican Republic's development as they send billions of dollars to their families in remittances.
The Dominican Republic is the most visited destination in the Caribbean.
The year-round golf courses are among the top attractions on the island. A geographically diverse nation, the Dominican Republic is home to the region's tallest mountain peak, Pico Duarte, as well as the Caribbean's largest lake and lowest elevation, Lake Enriquillo. The island has an average temperature of 26 °C (78.8 °F) and great climatic and biological diversity. The country is also the site of the first cathedral, castle, monastery, and fortress built in all of the Americas, located in Santo Domingo's Colonial Zone, an area declared as a World Heritage Site by UNESCO. Music and sport are of great importance in the Dominican culture, with Merengue and Bachata as the national dance and music, and baseball as the favorite sport. Tourism is one of the fueling factors in the Dominican Republic's economic growth. With the construction of projects like Cap Cana, San Souci Port in Santo Domingo, and the Moon Palace Resort in Punta Cana, the Dominican Republic expects increased tourism activity in the upcoming …show more content…
years.
Ecotourism has also been a topic increasingly important in this nation, with towns like Jarabacoa and neighboring Constanza, and locations like the Pico Duarte, Bahia de las Aguilas and others becoming more significant in efforts to increase direct benefits from tourism. Most residents from other countries are required to get a tourist card, depending on the country they live in.
A. Population
1. Growth rate
Dominican Republic prolonged 2.38% in the 2nd quarter of 2015 over the preceding quarter. The growth rate in Dominican Republic be around 1.43% from year 1992 until 2015, getting an all period great of 17.18% in the 4th quarter of 1997 and a best low of -8.14% in the 3rd quarter of 1997. The growth rate of Dominican Republic is conveyed by the Central Bank of Dominican Republic.
Dominican Republic is one of the wildest emergent economies in the Caribbean. The supreme key sector of the economy is services, precisely tourism, business and broadcastings. The Dominican Republic is similarly reliant on payments and on incomes from the free-trade zones. The Dominican Republic has existent data statements well-run on January of 2016.
Female in Dominican Republic was previous restrained at 50.15% in year 2014, conferring to the World Bank. Female people are the ratio of the population in Dominican Republic.
Death rate in Dominican Republic was latest measured at 6% in 2013, conferring to the World Bank. It shows the total of deaths stirring in the year, per 1,000 people probable at midyear.
2. Birth rate Dominican Republic was latest stately at 20.83 in 2013, according to the World Bank. It shows the total of live labors stirring in the year, per 1,000 people probable at midyear. Deducting the death rate from the birth rate delivers the ratio of regular growths, which is alike to the ratio of people variation in the lack of exodus.
a.
Distribution of Population
1. Age
The age structure of Dominican Republic population:0-14 years:28% (male 1,474,170/female 1,423,573):15-24 years: 18.5%( male 974,688/female 937,103) 25-54 years: 39.3%( male 2,078,915/female 1,984,585) 55-64 years: 7.2%(male 376,175/female 371,152) 65 years: 7% (male 336,712/female 392,688). Sex ratio ,2014 estimate is:at birth: 1.04 male/female ,0-14 years: 1.04 male/female, 15-24 years: 1.04 male/female, 25-54 years: 1.05 male/female, 55-64 years: 1.03 male/female ,65 years and over: 0.86 male/female.
2. Sex The female population is greater , with 5,219,090 women ,representing 50.15% of total, compared to male with 5,186,853 or a total of 50.15%. 3. Geographic Areas
Dominican Republic is located on the West Indies that occupies the eastern five-eighths of Hispaniola, the land border shared with Haiti, which occupies the western three-eighths of the island, is 376 kilometer long. Dominican Republic’s shores are washed by the Atlantic Ocean to the north and the Caribbean Sea to the south. The Dominican Republic is the second largest country in the Caribbean at 48,921 square kilometer; the country coastline stretches for 1,633 kilometer. The Dominican Republic is administratively divided into 30
provinces.
The capital Santo Domingo is the oldest city in the Caribbean and the New World. Other largest islands in Dominican Republic are Saona it has an area of 117 kilometer, Beata it has an area of 27 kilometer and Catalina with an area of 9.6 kilometer.
4. Ethnic Groups
The Island’s indigenous inhabitants were the Taino Indians (Aramaks) group and a small agreement of Caribbean’s around the Bahia De Samana. In the mid 1980’s, almost 16 percent black; the remainder were mulattoes. Taino impact is limited to cultigens and to a few dialect words, such as huracan (hurricane) and hamaca (hammock). There was a preference in Dominican society for light skin and “white” ethnic features. The ethnic groups percent of total population is 73% mixed, 16% white, and 11% black.
B. Economic Statistic and Activity
1. Gross National Product
Gross National Product in Dominican Republic was worth 63.97 billion USD in 2014. It measures of national income and output for a given country’s economy. GNP represents 0.10 percent of the world economy. The Dominican Republic is a upper-middle-income country with a small sized economy.
The service sector dominate the Dominican Republic economy with the largest percent, 66.75% of Dominican Republic’s GDP, while 26.93% fills in the Manufacturing and Industry and agriculture contributes 6.32% of the Gross National Product. The GDP’s Purchasing Power Parity is equivalent to 70 percent of the world’s average. This is reported by the World Bank.
2. Personal Income per Capital
The Gross Domestic Product per capita in Dominican Republic was last recorded at 5100.82 USD in 2014. The GDP per capita in Dominican Republic is equivalent to 40 percent of the world’s average. GDP per capita in Dominican Republic averaged 2484.41 USD from 1960 until 2014, reaching an all-time high of 5100.82 USD in 2014 and a record low of 1008.94 USD in 1961. The Dominican Republic is considered by the World Bank to be “Politically Stable” Life expectancy at birth is 73.23 years. The Dominican Republic has the world’s 70th largest economy by nominal GDP.