The Commonwealth of Dominica, located in the Eastern Caribbean, has been among the top-rated Caribbean countries offering citizenship by investment program.
Boasting a natural landscape, Dominica makes for a great place to settle in. Moreover, the closeness to nature allows people to live a serene lifestyle all while experiencing the benefits of city living as Dominica offers a higher-quality lifestyle.
Over the years, the country’s economy has also seen considerable and steady growth which has been attracting more and more investors to this Caribbean paradise.
Reports suggest that in the current year too, the Dominica citizenship program will see a further boost as the economy is expected to see a further rise.
In this blog, we will take a look at some of the key factors contributing to this economic growth and what it means for the country’s future.
The Predicted Growth for 2023
If reports from the International Monetary Fund (IMF) are to be considered, Dominica is expected to have growth above 4.5 percent for the financial year 2023-24. The tourism sector is playing a pivotal role in boosting the economy of the nation. Market reports suggest that tourism in Dominica is getting back to the pre-COVID levels. Furthermore, the country’s economy is also getting backed by the construction of a new international airport as well as a geothermal power plant.
In the years 2021 and 2022 also Dominica’s economy witnessed substantial growth. In the words of Hon. Dr. Irving McIntyre – Minister for Finance, Economic Development, Climate Resilience and Social Security in Dominica, the country’s economy increased by an assessed 6.9 percent in 2021 and 5.7 percent in 2022. This growth was mainly driven by the construction of climate-resistant infrastructure, a significant rise in agricultural outputs, and the bounce back by the tourism sector post-lifting of COVID-19 travel restrictions.
Factors Responsible for the Growth
One of the major contributors to this growth is the country’s thriving tourism industry. Dominica, known as the “Nature Isle of the Caribbean,” has long been a popular destination for ecotourists and adventure seekers. In recent years, the government has made significant investments in tourism infrastructure, including the development of new hotels and the expansion of the island’s airport.
And all these investments have paid off well as in the year 2022, Dominica welcomed 60,704 visitors. For the year 2023, an increase of 10% is expected.
The country’s unique natural attractions, such as its rainforests, hot springs, and coral reefs, continue to draw visitors from around the world.
Another factor contributing to Dominica’s economic growth is its thriving agricultural sector. Dominica is known for its fertile soil and has a long history of agricultural production, with bananas being the country’s main export crop. In recent years, the government has implemented policies to support small-scale farmers and increase agricultural productivity.
In addition, the government has encouraged the diversification of crops, with farmers now growing a wider range of fruits and vegetables for both domestic consumption and export.
Finally, the government’s commitment to sustainable development has also contributed to Dominica’s economic growth. The country has set ambitious goals to become the world’s first climate-resilient nation and has made significant investments in renewable energy, such as geothermal and solar power.
This commitment to sustainability has not only helped to mitigate the impacts of climate change on the island but has also attracted international funding and investment.
As the country continues to invest in different areas, it is well-positioned for continued growth and prosperity in the years to come – making it an ideal choice for a second passport for high-net-worth individuals.
If you are also looking forward to acquiring a second passport from Dominica, reach out to one of our experts at +971 4 512 4444 or visit www.aaa-international.com