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Name Professor’s Name Course Date DOMINICAN vs. the US Abstract The US and the Dominican Republic are two entirely different countries with distinct economic systems. The US is a superpower with the largest economic framework in the world. Its total GDP is larger than many countries across the globe. This developed country has a budget of billions of dollars and has controlled inflation and unemployment rate. Gini co-efficient of the US is almost 50% that shows a space for improvement regarding income inequality. The country dedicates a large portion of its income and policies to R&D. The Dominican Republic, on the other hand, is a middle-income country with almost the same rate of Gini co-efficient. The country earns a large amount of income from tourism and remittances and dedicates this money to the necessities of its citizens. Its economic system promotes individual investments but applies taxes on its people to earn taxes. The country has a large number of exports sent to the US and other nations in the world. Both countries can expand their exports to ensure that the balance of payment is under control and they are sending more goods outside of the country than they are getting in. Introduction The US is in North America while the Dominican Republic is a country in Latin America. These two countries, although located on the same continent, have entirely different economic systems and the way they respond to any economically challenging situation is also different. The US has one of the largest economies in the world and is a highly developed social and financial system. With the world’s largest nominal GDP and second largest purchasing power
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