Although ECLAC reduces DR’s growth projection in 2023, it places the country among the leaders of that growth in the region, behind Panama, Paraguay, Caribbean islands, and Costa Rica<\/p>\n\n\n\n
The Economic Commission for Latin America and the Caribbean (ECLAC) reduced growth projections for the Dominican economy in 2023 from 4.6% forecast in April to 3.7%, and, although it raised its projection for regional gross domestic product (GDP) from 1.2% estimated 5 months ago, the institute observed that the region continues showing a low growth \u201csyndrome\u201d. <\/p>\n\n\n\n
\u201cThese are not the rates that one would like (the regional ones), they are relatively low, they could be worse\u2026 but they could be better\u201d, said ECLAC executive secretary Jose Manuel Salazar during a press conference from Santiago, Chile. <\/p>\n\n\n\n
Forecasts for 2024 indicate that the low dynamism in the region will continue and that the Dominican Republic will grow by 3%, according to the new data.<\/p>\n\n\n\n
\u201cThe low growth of economic activity in 2023 and 2024 will result in a slowdown in employment growth\u201d ECLAC warns.<\/p>\n\n\n\n
A glimmer of light for inflation<\/strong><\/p>\n\n\n\n ECLAC highlights some degree of positivity among the low growth, a tendency to reduce inflation in Latin American and Caribbean countries, \u201cbut not as before\u201d.<\/p>\n\n\n\n \u201cThe reduction in inflation has been widespread in the region\u201d, ECLAC says in its short-term report \u201cEconomic Survey of Latin American and the Caribbean 2023\u201d, released yesterday during the press conference. <\/p>\n\n\n\n However, it indicates that, although there is a fall in inflationary dynamics, \u201cthe rate remains at higher levels than those seen before the pandemic and the target ranges of central banks, which suggest that the interest rates will remain relatively high for the rest of the year.\u201d<\/p>\n\n\n\n From May 2020 to June 2022, inflation grew steadily and the latter month the regional year-on-year rate was 9.7%, the highest value recorded since 2005, ECLAC indicates.<\/p>\n\n\n\n Like the rest of the world, this regional dynamic reflected the effects of the COVID-19 pandemic and the increase in fuel and food prices as a result of the Russia-Ukraine war.<\/p>\n\n\n\n ECLAC, a United Nations agency, notes that, as of July 2022, regional inflation has trended downward. In June 2023, a total of 26 countries reported a lower inflation rate than at the end of 2022. In Central America and Mexico \u2013 including the Dominican Republic \u2013 it went to 4.8%.<\/p>\n\n\n\n Given this scenario, ECLAC\u2019s executive secretary recommends that the region not wait for the world economy to get \u201cout of the quagmire\u201d \u201cBut rather, we should come up with our own productive development policies\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":" Although ECLAC reduces DR’s growth projection in 2023, it places the country among the leaders of that growth in the region, behind Panama, Paraguay, Caribbean islands, and Costa Rica The Economic Commission for Latin America and the Caribbean (ECLAC) reduced…<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[149],"tags":[],"class_list":["post-9796","post","type-post","status-publish","format-standard","hentry","category-investment-in-dr"],"acf":[],"yoast_head":"\n