IDB warns social indicators lag behind a robust economy: EFE

Santo Domingo.- Inter-American Development Bank (IDB) representative Flora Montealegre on Tuesday warned of Dominican Republic´s imbalanced annual economic growth, as evidenced by limited progress of social indicators, EFE reports.

Speaking at the presentation of the "Preliminary Diagnosis of the National Innovation and Competitiveness System in the Dominican Republic," Montealegre said the country is one of Latin America´s most dynamic and stable, with a 5.3 percent annual growth, well above the Latin American average."

That was possible because the country "has become an enviable global tourism industry leader, boasts a dynamic property sector, major investments in infrastructure and a revival of the mining sector," the IDB representative said.

In addition to the free zones surmounting the concentration of low value-added lines to rise to more attractive areas such as "the footwear industry, electrical equipment, and medical-surgical supplies," Montealegre said, but noted that progress in social indicators has been much more modest than in other countries in the region.

"Rates of poverty and inequality remain well above the regional average, real wages have fallen for several years, and the economy is not generating the number of formal jobs needed to reduce unemployment rates and incorporate thousands of young people who come every year to the labor market."