Dominican Republic will recover from crisis before the US, says specialist

Raúl Aníbal Feliz pointed out that banks in the Dominican Republic are still a growing industry.

Santo Domingo Dominican Republic. – The Dominican Republic will have a more positive rate of economic recovery in the face of the crisis generated by the Covid-19 pandemic, than had been projected a few months ago, even before the United States.

This is what the economist Raúl Aníbal Féliz assures when participating in the virtual discussion “Situation and perspective of the economy and the financial sector in the world and Latin America” of the Association of Commercial Banks of the Dominican Republic (ABA), Chief Consulting and the Santo Domingo Institute of Finance.

Aníbal Feliz indicated that the recovery he projects for the Dominican economy would be even faster than that of the United States.

“There is currently a vigorous recovery in the world’s leading markets, such as the United States, the country’s leading trading partner. This recovery would be taking place for two main reasons: the expectations of a vaccine for the end of 2020 or the beginning of 2021, and the massive monetary stimulus programs,” explained the prominent economist based in Mexico City.

Likewise, he pointed out that the pandemic is an unprecedented phenomenon, unknown to the generations of human beings that currently inhabit the planet, and that, for this reason, one learns as they go, both in terms of the treatment of the disease itself, as well as in the economic effects that it is producing.

About the financial system

In the field of the financial system, the economist and teacher at the Center for Economic Research and Teaching (CIDE) in Mexico City pointed out that the Dominican Republic banks are still a growing industry.

Against the current uncertainty scenario, he recommended that multiple banks maintain a portfolio as healthy as possible, adequate levels of liquidity, provisions, and capital, something that, he says, the Dominican banking sector has been doing in recent years.

Likewise, he positively valued the mutual guarantee fund schemes in which the credit risk is shared by private banks and the Dominican public sector, recommending that these, to be successful, must be well designed from the beginning, with the clarity of the risks assumed by each party.

The presidents of the multiple banks and senior officials of the same participated in the virtual conference.