Local March 4, 2023 | 12:00 pm

IMF projects Dominican Republic’s economy to grow 4.5%.

The International Monetary Fund (IMF) projects that the Dominican Republic will be the second fastest-growing country in Latin America this year, with an increase in the gross domestic product (GDP) in the order of 4.5%. At the same time, the World Bank and ECLAC expect it to grow by 4.8% and 4.7%, respectively.

The IMF also projects that the world economy will decelerate by 2.7% this year, and that of Latin America and the Caribbean will be 1.7% about 2022, according to data published in Empirica’s weekly bulletin.

“The main financial institutions foresee for the year 2023 scenarios of decrease. As a result, the countries of the region will once again face an unfavorable international context, in which a deceleration of global trade growth, higher interest rates and lower global liquidity is expected,” it indicates.

The World Bank projects that the Dominican economy will grow 4.8% this year, “well above the average for the region.” While for the rest of the world, it indicates that geopolitical tensions and increased adverse factors will affect the expansion of the economy. It projects that in Latin America and the Caribbean growth will be 1.9%, in the world 3.% and in the United States 0.5 percent,

While the Economic Commission for Latin America and the Caribbean (ECLAC) projects that the Dominican economy will have a growth this year of 4.7% and that the deceleration in Latin America and the Caribbean will be accentuated with a growth of 1.4% about 2022, while global growth will be 2.6% and in the United States 0.7%.

He adds that although this process is expected to end in 2023, to the extent that inflation expectations are anchored in each country, the effects of the restrictive policy on private consumption and investment will be present this year.

“International organizations such as the IMF, the WB and ECLAC have positive expectations for the Dominican Republic, placing it in a growth range of 4.5% to 5%, placing us in a much higher growth range than that estimated for the Latin American region.”

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Paul Tierney
March 6, 2023 8:48 am

If the economy is growing so fast why the bounties of this growth have not been distributed in a manner that improves the economy of all the population.