Minister of Economy highlights DR’s positive macroeconomic normalcy at Economic Forum

The Minister of Economy, Planning and Development, Pável Isa Contreras, highlighted the positive macroeconomic normality presented in recent years by the Dominican Republic.

“What we are seeing right now, especially during the year 2022 is a macroeconomic normalization with a lot of positivity, which means that we are returning to a very positive macroeconomic normality.”

Minister Isa Contreras specified that in macroeconomic terms, the economy of the Dominican Republic during the last 10 to 15 years presents a good performance, which represents very good news, despite the changes that are perceived in the global geopolitical context.

He also pointed out that despite the uncertainties produced by these changes, they also represent significant opportunities through the rapprochement of manufacturing activities.

The minister pointed out that both in 2021 and 2022 the force behind the growth and economic recovery in the country was in private investment, and that it aims to increase in 2023, which means that the instructional environment is helping to create an atmosphere of optimism where businesses are reacting with much positivity by increasing their investments, because they foresee that sales will continue to grow in the short and medium term.

The economist and researcher recalled that the Dominican economy has been of high economic growth throughout the last 60 years, with the highest rates in the entire region, shared with Panama.

He indicated that it is expected that this 2023 the Dominican Republic will continue with a higher growth rate during the second half of the year.

Minister Isa Contreras expressed that for this 2023 we expect a normal year with a more moderate level of growth to 2022. He explained that the expected growth will be 4.25 percent, which means a very remarkable growth at the level of the region.

He also said that the Dominican Republic is also showing a complete normalization of inflation.

Isa Contreras indicated that global forecasts point to a better global economic performance by 2024, which includes a higher growth for the Dominican Republic.

In this sense, he said that the challenge is not so much macroeconomic, but lies in how to transform economic growth into welfare for the people, which means achieving more and better jobs, through the transformation of the productive apparatus and having better public services, such as health, education, environmental protection, security, among others.

Isa Contreras assured that the Dominican Republic has two great assets to transform economic growth into quality of life, which are the macroeconomic management that guarantees stability and the capacity to reach political agreements.

Economist Isa Contreras, during his participation in the 6th Economic Forum Santo Domingo 2023 “Connecting with the Future: Economic Trends and Opportunities”, organized by the Dominican-Venezuelan Chamber of Commerce (CADOVEN), made a quick evaluation of the economic situation of the country and the projections for 2023.

Isa Contreras said that the initiative will continue to be a commitment of the Ministry of Economy in accompanying the processes of reflection and discussion to encourage investment, trade and economic activity, as well as to support the transformation and improvement of the quality of life of the people of both nations.

He highlighted the close political relations and cultural ties that unite the Dominican Republic and Venezuela.

About the forum

The 6th Economic Photo Santo Domingo 2023 “Connecting with the Future: Economic Trends and Opportunities”, organized by the Dominican-Venezuelan Chamber of Commerce seeks to explore how the economic trends that will shape our business environment are creating new opportunities for growth and business success.

Also, learn how technology, sustainability, globalization and other key factors are driving the Dominican economy forward.

About CADOVEN

The Chamber was conceived with the fundamental objective of: “Fostering and promoting economic, industrial and commercial relations between the Dominican Republic and the Republic of Venezuela, as well as, bringing together the responsible men of all sectors of both nations”.

Source: Mepyd.gob.do

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