Dominican economy grows and grows, but informality weighs

Santo Domingo.- The Dominican economy has been constantly growing in recent years, but is unable to create sufficient taxes and jobs, said the economist José Luis de Ramón in the panel “Economic Perspective of the Dominican Republic.”

“We have grown, but with much informality, that is, our inability to create formal jobs, our inability to generate taxes with this growth, that is, it gives us a GDP, but it does not generate taxes and it does not generate jobs, which is a description what we should look at,” he said.

“We also have grown with continuous deficits since 2004 that we had banking crises,” said the economist in the dialogue hosted by Seguros Banreservas.

Luis added that informality is Dominican Republic’s problem for which the jobs being created are “very mediocre; they are domestic services, handymen, that kind of thing. We are growing, but we are taking people to look for their daily income in an informal market.”