Recession Reflections in Dominican Republic: Socio Economic Insights from Managers and Entrepreneurs

Abstract

This study examines the implications of economic recessions for workers, organizations, and policymakers in the Dominican Republic, with a focus on resilience, labor market dynamics, and business vulnerability. Drawing on literature review, cultural immersion observations by living in the country, and qualitative insights from the survey of 12 subject-matter experts with over 300 years of combined work experience, the research explores how external shocks such as global downturns, inflation, and disruptions affect the Dominican economy. Findings indicate that recessions disproportionately impact small and medium-sized enterprises, informal workers, and tourism-dependent industries, often resulting in job insecurity, reduced consumer demand, and constrained business operations. The study highlights how individual experiences of economic hardship shape long-term attitudes toward equity, government intervention, and social welfare policies. It further emphasizes the importance of adopting a long-term, multilevel perspective that considers individual, organizational, and societal responses to economic stress. Key resilience strategies identified include workforce upskilling, digital transformation, business diversification, and proactive financial planning. Expert insights reveal that while recessions present significant challenges, they also create opportunities for innovation and structural reform. The findings underscore the need for coordinated efforts between public and private sectors to strengthen institutional capacity, support vulnerable populations, and promote inclusive growth. This research contributes to a deeper understanding of how the Dominican Republic can better prepare for, navigate, and recover from economic downturns in an increasingly interconnected global economy.