Climate, digitization and gender worries the EU

Climate change, digital transformation, and the gender dimension are three issues without which recovery or sustainable economic growth for the Dominican Republic is not possible in the medium and long term, said Katja Afheldt, ambassador of the European Union in the country.

He stressed that these are three cross-cutting issues, all of which are major priorities of the European Union.

He specified that these are highlighted as necessary in the 2021 edition of the report “Economic Outlook for Latin America and the Caribbean -Latin American Economic Outlook (LEO), and advice is given for the country and the region.

He specified that the report also offers recommendations for a robust, inclusive, and sustainable recovery in the region after the crisis caused by the COVID-19 pandemic.

“Specifically, the report highlights the need to promote sustainable and adaptable macroeconomic frameworks to finance recovery, social protection policies, regional integration, and strengthening industrial strategies,” said Afheldt.

He explained that in the current context of the Russia-Ukraine war, the recovery at a global level is going to slow down, and it is necessary to design appropriate economic and financial policies and measures to face this new crisis, which requires data and statistics that allow monitoring the evolution of the economy in the country.

He specified that the European Union is financing a Multidimensional Country Study for the Dominican Republic on three fundamental issues for its future development: Digital Transformation, Financing for Development, and Labor Market Formalization. The OECD Development Center will prepare this study.

And also, a new analysis study of Public Expenditure and Accountability PEFA 2022 and PEFA Gender will allow the DR to have a complete, coherent, and data-based analysis to identify the areas of reform and develop adequate policies.