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Economy of Dominican Republic



commercial bank in the country, Baninter, linked to a major incident of fraud valued at $3.5 billion, during the administration of President Hipólito Mejía (2000–2004). The Baninter fraud had a devastating effect on the Dominican economy, with GDP dropping by 1% in 2003 as inflation ballooned by over 27%. All defendants, including the star of the trial, Ramon Baez Figueroa, were convicted. One subpoena was not delivered because the United States denied extradition.

According to the 2005 Annual Report of the United Nations Subcommittee on Human Development in the Dominican Republic, the country is ranked No. 71 in the world for resource availability, No. 79 for human development, and No. 14 in the world for resource mismanagement. These statistics emphasize national government corruption, foreign economic interference in the country, and the rift between the rich and poor