2023-05-09 01:40:18
Meeting this Monday of the Central Bank and representatives of the IMF.
Santo Domingo, May 8.- A mission from the International Monetary Fund (IMF) considered this Monday that the Dominican economy was the most “dynamic” and “resilient” in the last two decades in Latin America, thanks to its good implementation of monetary policy , a robust financial system and solid macroeconomic fundamentals.
According to a statement issued by the Central Bank of the Dominican Republic after the meeting held by the IMF delegation and the governor of the issuing entity, Héctor Valdez Albizu, the head of the Monetary Fund mission, Emilio Fernández-Corugedo, said that the economy The Dominican Republic continues to show a positive outlook, is proactive in regulating and supervising the financial system, and exhibits a good business climate.
He pointed out that this occurs in the Dominican Republic despite a “very complex” international panorama that affects most economies, causing a slowdown in world economic activity.
For his part, Valdez Albizu explained to the IMF mission that the Caribbean country’s economy maintained good dynamism in 2022, growing by 4.9%, driven by the strength of domestic demand and foreign exchange-generating activities, especially The tourism.
He added that “the preliminary results for the first quarter of 2023 show that the monthly indicator of economic activity (IMAE) had an average year-on-year expansion of 1.4%, consistent with the variation of 0.4% in January, 1.8% February and 2.1% in March».
Regarding tourism, Valdez Albizu highlighted that the activity with the greatest contribution to the result of the gross domestic product (GDP) in 2022 was that of hotels, bars and restaurants, with a year-on-year expansion of 24.0% in its real added value.
He indicated that the prospects for the sector remain favourable, so that, “if this trend continues, an arrival of 7.8 million non-resident passengers by air is estimated at the end of 2023.”
He also highlighted that inflation has fallen from a maximum of 9.64% in April 2022 to 5.15% last April and that convergence to the target range of 4% ± 1% is expected this May.
During the meeting, they discussed the dynamism of the external sector and foreign exchange-generating activities, mainly tourism, which last year produced revenues of almost 8.5 billion dollars and growth in total exports of 10.5% year-on-year. influenced by an expansion of 9.1% in those of free zones.
In addition, the flow of remittances exceeded 9,800 million dollars and foreign direct investment exceeded 4,000 million dollars, which contributed to the Dominican Republic registering foreign exchange earnings of around 39,000 million dollars in 2022. EFE
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