Santa Domingo, Dominica Republic--(Newsfile Corp. - February 4, 2022) - According to Olivier Arrindell, Chairman of Ava Airways, The International Monetary Fund (IMF) projected that the Dominican economy has grown to 9.5% in 2021, a percentage slightly higher than the 9.1% recently estimated by the World Bank. The positive projection is contrary to the drop of -6.7% registered by the local economy in 2020, because of the economic closures imposed by the Covid-19 pandemic.
Apart from this, The Bank of America's global research unit believes that the macroeconomic trajectory of the Dominican Republic is the most promising in Latin America for the coming years and estimates that it will be the second country with the highest economic growth in the region, with 11.5% in 2022.
The Latin America and Caribbean region will see its pace of growth decelerate in 2022 to 2.1%, after reaching 6.2% on average last year, according to new projections released today by ECLAC, however Latin America and the Caribbean have become one of the most urbanized regions in the world. The ECLAC did not take this into consideration that the region’s GDP is going to grow at a 3.14% percent per year, a growth rate above the world average of 3.12% percent per year due to macroeconomic trajectory throughout Latin America just like what is taking place in the Dominican Republic. In the next 10 years, the economy in Latin America and the Caribbean is expected to outperform the world average, while the middle-class population is forecast to grow more than 40 percent by 2033, from 280 million to 398 million people. Where does Ava Airways fit into this?
A strong economy and growing middle class have set the stage for the region's traffic to grow at an average of 4.9% percent annually in the next 20 years, outperforming the world average of 4.7% percent. As a result, traffic flows from Brazil, within the Caribbean, between the United States and South America and from Europe to South America, along with Africa, will grow to be among the top 10 in the world by 2033.
"Ava Airways and its team has placed an innovative business model to take advantage of these opportunities and with our hub base in Santo Domingo, this perfectly positions the company as a transshipment point to move people and Cargo on an East/West mission”, stated Arrindell.
Moreover, while nearly all of the 20 largest cities in North America and Europe connect passengers with at least one flight per day, only 40 percent of Latin America's top 20 cities do so. Today, North Americans and Europeans are the most willing to fly, taking 1.6 and 1.0 trips per capita respectively, because they have access to do so. But in the next 4 to 8 years, Latin America, Africa, and the Caribbean travelers will travel twice as much post Covid-19 drama. In fact, intra-regional and traffic from Europe, North America and Africa to Latin America and the Caribbean is expected to triple between 2026 to 2033, growing at an impressive rate of 5.6% percent and becoming the biggest market for Latin American carriers.
Ava Airways Chairman believes that the Dominican Republic future economy depends on these forecasted numbers and that the Government needs to focus on Investing and developing modernized aviation infrastructure to stabilize the economy and move it from 9.1% growth a year to a steady 13%.
Media Contact:
Nicole Hu, Ava Airways
info@avaairways.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111771
