Experts deny Dominican economy is stagnant

Santo Domingo.- Economists Arturo Martínez Moya and Antonio Ciriaco Cruz have offered contrasting views on the current state of the Dominican economy. Martínez Moya asserts that the economy displays remarkably positive indicators compared to previous years, citing robust improvements in international reserves, job creation, and inflation control. He emphasizes that these indicators must be evaluated in relation to past performance to accurately gauge economic progress. Moreover, he highlights that the Dominican Republic stands out in the region for successfully managing inflation.

On the other hand, Antonio Ciriaco Cruz, the economist and dean of the Faculty of Economic and Social Sciences at UASD, expresses that the Dominican economy is undergoing a slowdown process. He notes that during the first half of the year, the economy grew at an average rate of 1.2%, and there’s evidence that the unemployment rate has increased from 4.8% to 5.2% during the same period.

Ciriaco Cruz explains that if this trend continues, the open unemployment rate could reach 6.0% by the end of 2023. He points out that achieving this year’s growth target of 4.0% would necessitate an economic growth rate of around 6.7% for the remaining months, presenting a significant challenge for economic authorities. He reiterates that the national economy is currently decelerating, with a growth rate substantially below its potential rate of 5.0%.

These differing viewpoints reflect ongoing debates about the true health and trajectory of the Dominican economy.