It’s really no surprise to the world that the Dominican has literally hit gold along the border of Haiti.
The Dominican Republic has the second largest economy in the Caribbean, that produces an upper-middle income society.
So what will this gold do for the economy?
JOBS! Lots and lots of jobs.
Currently the unemployment rate in the Dominican Republic is 14.7%. WIth this new gold strike, the country is expected to up its work force. Even more than that, it has been promised that the Dominican people “will receive fair compensation for the extraction of resources in their territory.”
The Dominican Republic continues to hold their own economically despite economic troubles to creeping into the nation. They are most known for their Free Trade Zone industry which makes for a bulk of their exports. Their main trade partners include the the US and other western markets, as well as being a part of the WTO.
The country makes a bulk of its money on the globalization of the country. Their main international dependencies include tourism and agriculture. Although the country is not specifically listed in BRIC, they are on the rise economically and despite troubles they have faced in the past, they continue to thrive in a westernized world
Steger, Manfred (2013), Globalization: A Very Short Introduction, Oxford University Press
Zakaria, Fareed. “The Rise of the Rest.”The post-American world. New York: W.W. Norton, 2008.