Economists call for vigilance in the face of possible recession

Santo Domingo, DR
The Dominican College of Economists called on the Government, and all sectors of society, to remain attentive to the international economic news that flows daily, warning of a possible global recession.

“We make that call for attention considering that the aftermath of COVID-19, will take years to disappear and that it is also rebounding in many countries in a new wave of contagions, especially in China, which together with the war between Russia and Ukraine, which seems to have no end, will aggravate the supplies of food, raw materials, construction materials, gas, and oil, neutralizing the efforts of monetary policy to control inflation,” it explained in a statement the CDE in a communiqué.

It pointed out that the central banks of all the countries in the world have firmly decided to combat this inflation with significant interest rate hikes that will lead to a strong contraction of the economy and pointed out that the success of this policy will be conditioned to the normalization of raw material flows, which will not happen if the war intensifies. “We can withstand the onslaught of a global recession better than most countries in the region, but we cannot come out of it completely unscathed,” they indicated and expressed their support for the social policies that the Government is implementing to help the most unprotected families despite the tremendous financial cost that this implies.

They urged the authorities to continue freezing fuel prices until inflation subsides and gives Dominicans a break. The priority at this time is to protect the people.