Dominican economy shines amid a bleak world: Central banker

Santo Domingo.- Central banker Hector Valdez Albizu on Friday said Dominican Republic’s economy has a sustained robust performance through prudent macroeconomic management and more efficient socio-economic policies amid a bleak picture of low growth rates worldwide.

He said the economy’s performance has resulted in a more inclusive growth. "In the period January-June 2016, the economy grew 7.4%, supported by the dynamism of the construction, mining, banking and agriculture sectors, among others, which at the end of the year the Dominican Republic is expected to have the fastest growing economy in Latin America, for the third consecutive year."

Speaking during the annual meetings of the International Monetary Fund (IMF) and World Bank (WB), with the topic "Dominican Republic: Good luck or good policies," the central banker noted that the accumulated inflation remains very low, reaching only 0.36 percent, while the balance of payments boasted a surplus in the current account and the financial system maintains adequate levels of solvency, profitability and financial strength.

"Undoubtedly, for a small and open economy as the Dominican, the changing international context is important. In that order, low international oil prices and the economic recovery of the United States of America, the main trading partner of the Dominican Republic, have contributed positively to the performance of our economy. That is why, in my opinion, if changes are verified in the current trade and immigration policy, as proposed during the current electoral process in the United States of America, could have devastating effects on small economies and highly integrated with that nation, as in the case of the economies of Central America and the Caribbean," Valdez warned.