MIAMI.- The Dominican Republic has become more globalized, according to the third annual Latin American Globalization Index from Latin Business Chronicle. The Dominican Republic boosted its score thanks to higher imports and FDI per GDP and Internet penetration rates, which helped offset a decline in exports per GDP. It can boast Latin America's highest tourism receipts per GDP (12.0 percent), and the fifth-highest Internet penetration rates (22.2 percent).
Dominican Republic’s strong position in tourism revenues results from having Latin America's third-highest tourism net income after giants like Mexico and Brazil, according to the World Tourism Organization.
The index shows that Panama is the most globalized country in Latin America and Brazil the least. Panama is followed by Costa Rica, Honduras, Paraguay and Nicaragua. On the opposite end, Brazil is followed by Colombia, Argentina, Venezuela and Guatemala. Haiti and Cuba were excluded from the index due to insufficient data.
CAFTA again was the big winner, accounting for five out of the top ten globalized countries. And five out of its six members boosted their scores. Only Nicaragua managed to see a declined score due to lower exports, imports and FDI per GDP, which offset small increases in tourism receipts and remittances per GDP and Internet rates. CAFTA had the highest average score (12.0 points) of any trade group in Latin America and is followed by Mercosur (8.49 points) and the Andean Community (8.14).
All told, Latin America boosted its score by 1.1 percentage points to an average of 10.21 points. 13 of the 18 countries in this year's index improved their scores, while only five saw declines. Paraguay posted the strongest improvement, while Venezuela saw the worst decline.
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