Former Chilean Minister Lauds Dominican Republic's Economic Progress

SANTO DOMINGO — Former Chilean Finance Minister Felipe Larraín lauded the Dominican Republic's robust economic performance and outlined a path to developed nation status during a recent discussion in Santo Domingo.

Larraín, a renowned economist, provided a comprehensive analysis of global, regional, and local macroeconomic outlooks at the "Conversation on the Contemporary Economic Context." The event was co-hosted by the Ministry of Finance and Economy (MHE) and the Center for Public Policy Analysis (CAPP).

The forum drew economists, academics, media professionals, and government officials, including Minister of Finance and Economy Magín Díaz and Minister of Industry and Commerce Víctor "Ito" Bisonó, who also serves as CAPP's president.

During the discussion, participants evaluated the challenges and opportunities facing Latin America, with a particular focus on the Dominican Republic's position within the current economic landscape.

Larraín highlighted the Dominican Republic's sustained high growth, noting it consistently surpasses other Latin American nations. He projected the country's growth to exceed 4.5% next year. He also pointed to low inflation, the Central Bank's autonomy, the nation's political and social stability, and its achievable development goals outlined in its 2036 plan.

Further strengths recognized by Larraín included the consistent increase in per capita GDP, a steady decline in unemployment, and reductions in both informal labor and poverty rates compared to its regional counterparts. He also cited the country's low credit risk, as assessed by major international insurers.

Based on these indicators, Larraín suggested that the Dominican Republic is at a critical juncture, capable of achieving developed economy status within the next five to ten years, provided it maintains its current political and social stability.

He offered four key recommendations for the country: strengthening institutions, maintaining an efficient fiscal rule, establishing an autonomous fiscal council for consultations, creating sovereign wealth funds, and implementing a medium- to long-term fiscal framework.

The discussion, held in the Jesús María Troncoso room of the Central Bank of the Dominican Republic (BCRD), served as a platform for technical analysis and updates. It underscored the institutional commitment of the MHE and CAPP to continuous education and the promotion of economic policies aligned with international standards of transparency and sustainability.

During the event, Minister Magín Díaz emphasized the value of such insights in contextualizing the Dominican Republic's performance against global trends. Minister Bisonó thanked Larraín, asserting that the Dominican Republic is "a stable, dynamic, peaceful country, attractive for investment, and a leader in the continent's most vigorous growth."

Larraín boasts a distinguished career in economics across the region and globally. He holds a doctorate in economics from Harvard University and is a commercial engineer from the Pontificia Universidad Católica de Chile.

He served as Chile's Finance Minister from 2010 to 2014 and again from 2018 to 2019. His numerous accolades include being named "Best Finance Minister of Latin America" in 2010 and recognized as "Chilean Economist of the Decade" in 2025.

According to his professional profile, Larraín has advised 15 governments and consulted for international bodies such as the Inter-American Development Bank (IDB), the World Bank, the International Monetary Fund (IMF), the Economic Commission for Latin America and the Caribbean (ECLAC), and the United Nations (UN). In 2019, he led the issuance of the first sovereign green bond in the Americas, which received international acclaim. He is also an academic, editor, and author of over 10 books published in Latin America, the United States, Europe, and Asia.