Banking sector confident Dominican Republic economy will remain resilient in 2024

Santo Domingo—The ABA recognizes that the country has challenges in various external and internal aspects that could be adverse.

The Asociación de Bancos Múltiples de la República Dominicana (ABA) expressed its confidence that the Dominican economy will remain resilient this year in the face of the challenges facing the country in various aspects of national life and international scenarios that could be adverse, depending on markets and geopolitical conflicts.

In its magazine Abance, the guild expressed its optimism before the critical challenges of 2024, a year in which it understands it must continue to “drive the post-pandemic economic recovery process, with controlled inflation and a vibrant economy growing around its potential.”

The second edition of the ABA’s editorial product also describes the multiple banking trends to promote financial inclusion and credit to households and productive sectors in a sustainable manner.

It also includes considerations by economist Henry Hebrard and the executive vice-president of the National Council of Private Enterprise (Conep), César Dargam, who agree in projecting a more significant increase in the Dominican Republic’s Gross Domestic Product (GDP) than that achieved in 2023, with an improvement in other macroeconomic and financial indicators.

For economic analyst Hebrard, the Dominican economy may grow by 5.5%. For his part, Dargam also expressed confidence that economic activity will resume its potential growth rate.

The execution of public spending, the course of the presidential, congressional, and municipal elections, the low projection of world growth, and the international geopolitical conflicts are some of the factors that will affect the evolution of the economy this year, they said.

They agree that fiscal reform is one of the biggest unknowns that the administration that takes office next August 16 will have to clear.