Dominican Republic could lose US$400 million due to drop in Russia and Ukraine tourism

Conflict also creates excellent uncertainty in world trade

The economic adviser to the Executive Branch, Pedro Silverio, stated that the Russian invasion of Ukraine is affecting the Dominican economy, which is affected by tourism and increases in fuel and grain prices.

He stated that last year 260,000 tourists arrived in the country from Russia and Ukraine, and everything was planned so that in 2022 the figure would double, but the outbreak of the war closed the markets, which may mean that the country stops receiving approximately US$400 million.

When interviewed by Pablo McKinney on his television program “McKinney” by Color Vision, he added that the conflict is creating great uncertainty in world trade since Russia participates in the sale of oil, gas, and finished products in Europe and the United States.

He considered that the sanctions imposed on Russia would be difficult to dismantle even after the military operation was over.

President Luis Abinader’s adviser also explained that in the face of the inflationary effects caused first by the pandemic and now by the war in Ukraine, the government is responding with a combination of monetary and fiscal policy.

“President Abinader’s commitment to macroeconomic stability is non-negotiable, and he is permanently working with his economic team. That is why the government makes decisions to protect the most vulnerable and take care of macroeconomic stability,” Silverio pointed out.