Finance Minister says Dominican Republic faces no economic crisis

Santo Domingo.- The Minister of Finance and Economy, Magín Díaz, stated that the Dominican Republic is not facing an economic crisis and that the likelihood of a macroeconomic crisis is very low, citing the strength of the financial system and a favorable outlook for economic recovery this year.

Díaz projected that the economy could rebound after a period of slower growth, reaching an estimated expansion of between 4.5% and 5%, supported by stable financial conditions. He made these remarks during an interview on the morning program Uno Más Uno, aired on Teleantillas.

The minister emphasized that public investment remains a priority, although he acknowledged delays and adjustments in major infrastructure projects. Among those mentioned were the tourism development of Pedernales, the Oviedo–Pedernales highway, the local airport, and upcoming tenders such as the Amber Highway and mass transit projects, including the monorail. He noted that several initiatives are already underway, while others are nearing completion under stricter oversight.

Díaz highlighted that the current administration has had to navigate multiple external shocks, including the COVID-19 pandemic, global inflation, international economic slowdown, and rising U.S. interest rates. Despite these challenges, he said key sectors such as tourism and free trade zones remain resilient, while mining has once again contributed more than US$600 million to public finances.

However, he acknowledged that the quality of public spending, particularly in the health sector, remains a major challenge. Díaz pointed to budget constraints and inequalities in access to services, stressing the need for greater efficiency and better allocation of limited resources, especially for lower-income populations.