Economy October 29, 2020 | 1:32 pm

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Bank of America analysts highlight good performance of Dominican Republic economy

The Bank of America global research team took stock of the Dominican Republic’s macroeconomic outlook during the pandemic and presented favorable perspectives on the evolution of its economy for the next year.

The analysts of the reputed bank highlighted, in a report prepared for their investment clients, the resilience of the country’s economy and its ability to overcome the impact of the pandemic.

They indicated that the result of the economic activity in September of this year (IMAE -5.6%) shows a strong rebound in the Gross Domestic Product (GDP) for the third quarter of the year, which reveals recovery in the form of “V” ( rapid return to normality) concerning the most critical point of the crisis.

Experts project a significant recovery for 2021, estimating that growth will gravitate to around 8.4%. According to the report, the Dominican economy has proven to be less vulnerable than originally stipulated to external impacts derived from the pandemic.

“Had it not been for the timely intervention of the Dominican government through the expansion of spending to support social assistance programs and recovery, the contraction of the economy would have been 2.4 basis points higher during the first 9 months of the year,” Bank of America analysts stood out.

Along the same lines, they stressed that the efforts of the Dominican Government to support the budget exercise through the advance payment agreements of the financial system and the country’s largest mining company was a wise decision.

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