The Dominican Republic
| Country | GDP (PPP) per capita | GDP (PPP) |
|---|---|---|
| Dominican Republic | 7,055 | 63,594 |
| Latin America | 8,105 | 4,421,569 |
For a country that has just survived the biggest banking crisis in recent Latin American history, it might seem a bit ambitious to launch an offshore financial centre. But that is exactly what is planned for the Dominican Republic. The country was selected for the IFCA due to its strong economic and cultural links with Latin America, the United States and Europe, and its political stability, economic resurgence and well-developed infrastructure. Following the 2003 banking crisis (Banco Intercontinental) and change of government, President Leonel Fernández is credited by his peers with rebuilding the economy and fostering strong international relations, providing a solid backdrop for the Independent Financial Centre of the Americas. Former Dominican president Hipólito Mejía of the Dominican Revolutionary Party, who still has big influence among opposition deputies, is also a firm supporter of the project.
Read more about this topic: Independent Financial Centre Of The Americas
Famous quotes containing the word republic:
“People think they have taken quite an extraordinarily bold step forward when they have rid themselves of belief in hereditary monarchy and swear by the democratic republic. In reality, however, the state is nothing but a machine for the oppression of one class by another, and indeed in the democratic republic no less than in the monarchy.”
—Friedrich Engels (1820–1895)