Abril 22 2009

Dominican economy to grow in the next 2 years, despite pressures

WASHINGTON.- Dominican Republic’s economy will grow for the next two years despite the current pressures on the economies of the Caribbean region’s countries, the International Monetary Fund (IMF) said today. In its economic perspective report the organism said the Caribbean region is suffering from falling prices on its raw materials, which reduces the value of its exports.

As to the Dominican Republic it said weakening tourism and the fall of remittances from emigrants in the United States and Europe are the other negative factors affecting it.

In spite of it, the IMF predicts Dominican Republic’s Product Gross Domestic will grow 0.5 percent in 2009 and 2.0 percent in 2010, down from its 4.8 percent growth last year. It expects 1.7 percent inflation in 2009, down from 10.6 percent in 2008, and 5.8 percent in 2010. Moreover, the IMF said the country’s current account will post a 6.8 percent deficit in 2009 and 6.9 percent in 2010.

Source: Dominicantoday.com