Donald Guerrero has enjoyed a successful career as an entrepreneur. As the CEO and founder of Axis Automotive Group, he operates one of the largest car dealership conglomerates in the Caribbean.
Over the years, he has also served as an executive for financial institutions such as Banco Intercontinental, Reid & Pellerano, Chase Manhattan Bank, and Listín Diario. In addition, Donald Guerrero has taught finance and economics at a number of colleges and universities, including the Santo Domingo Institute of Technology, Pedro Henriquez Urena National University, and Pontificia Universidad Catolica Madre y Maestra, drawing on both his experience as a businessman and his various degrees in related fields, including a bachelor’s degree in economics, postgraduate studies in business administration, and a master’s degree in finance.
Achieved economic growth
Mr. Guerrero’s greatest impact has arguably been as the minister of finance of the Dominican Republic from 2016 through 2020. While overseeing the Dominican Republic’s economy during the COVID-19 pandemic and economic crisis—which was a globally challenging period of time—he led the country to region-leading economic growth.
During his tenure, the Dominican Republic achieved 5 percent gross growth in 2019 and outpaced all countries in the Caribbean, Latin America, and Central America when it came to overall economic growth. In recognition of his contributions and excellence as the minister of finance, Mr. Guerrero was named the 2018 Finance Minister of the Year for the Americas by the British publication The Banker. He also made Latin American magazine AmericaEconomia’s 2016 ranking of The Best Finance Ministers of Latin America.
Investments in education and healthcare
A number of lessons can be learned from Mr. Guerrero’s approach as the minister of finance and the resulting success of the country’s economy. Committed to helping Dominicans to improve their lives, Mr. Guerrero led the country in investing in education and healthcare in an attempt to lift the general population out of poverty and equip the business leaders of the next generation with the skills necessary to thrive. These efforts led to a 12 percent reduction in poverty in the country, higher pay and better facilities for the medical sector, a 60 percent increase in the salaries of public school teachers, and a notable increase in the number of children attending school full time. The effects of this policy focus are still being witnessed today, teaching the world that investing in a country’s population and future is one of the best ways to grow its economy.
Mr. Guerrero also prioritized transparency and fought tax evasion in the Dominican Republic, signing the country to the Organization for Economic Cooperation and Development’s Inclusive Framework on Base Erosion and Profit Sharing. As a result, and for the first time in recent memory, the government reached 100 percent of its estimated tax collections in 2018, which provided much-needed funding for government programs and laid the foundation for future economic growth. The lesson from this success is clear—a country that is dedicated to transparency is likely to be better equipped for financial prosperity and growth.
In conclusion
Ultimately, the lesson from Mr. Guerrero’s tenure as minister of finance is clear—fiscal responsibility and economic advancement require a holistic approach that increases transparency and helps to empower those from underserved communities. This reflects the universal truth that the strength of a country and its economy is directly impacted by the citizens most in need. When they are given the opportunity to better themselves and thrive, widespread gains are realized.
