The Dominican Republic remains among the countries with the highest economic growth in the region

The Dominican Republic, Panama and Paraguay are projected as the countries of Latin America who will present a greater economic growth this 2023.

The information was offered by the Minister of Economy, Planning and Development, Pavel Isa Contreras, who indicated that “this country has had an economy with the highest growth since the sixties in Latin America along with Panama; he average growth in the Dominican Republic is around 5%”.

The economist specified that in 2021 the Dominican economy registered extraordinary growth of more than 12%; that in 2022 growth was 4.9% and that It is expected that this 2023 the growth will be registered in the order of 4%due to international conditions and domestic financial conditions.

The official stressed that the Government applied the restrictive monetary policies to contain the effects of inflation, through the subsidies applied to basic necessities, which meant the stabilization of inflation in the country at 4%, which is normal for our economy.

He pointed out that for this second semester of the year the Dominican economy will feel the relief of the restrictive measures, which forecasts growth in the order of 4%being one of the economies that registers the highest growth in the entire region, together with Panama and Paraguay, despite the global context that is currently experienced

Quality of life

Minister Isa Contreras during his participation in the program 12 y 2, explained that in Dominican Republic registers a structural problem in society and the economy that means that economic growth does not translate sufficiently into quality of life.

“To begin with, this economy has been one of very low wages, which has been changing in recent years, due to the changes that have been presented, for example, the modifications of the free zones, demanding more qualified labor forces and the growth of tourism. ”, emphasized the economist.

He added that the commitment of the current administration of the Government since its inception has been translate economic growth into people’s quality of lifethrough quality jobs, which is the main mechanism, when economic growth translates into more quality jobs, then people benefit.

assured that this last year more than 120 thousand jobs were createdMost of them are quality formal jobs, with higher wages, greater social security and at work.

He pointed out the great agenda of the State of improve the quality of basic services, such as education, water, transportation, health, securityamong others.

He indicated that the result of the economic recovery, the increase in jobs and income allowed monetary poverty to present a reduction of three percentage points during 2022.

Isa Contreras expressed the need to continue accelerating economic growth and make it translate into quality of life for people.

nothing scrapping

Minister Isa Contreras, when questioned about the issue of investment for the upcoming elections, explained that the public budget has defined specific works that will not allow major changes along the lines established in terms of public investment projects.

He specified that the State will continue to invest in fundamental projects that are already defined in the budget, aware that public finances cannot be derailed. He emphasized that there will be “nothing to scrap.”

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