The economist and former Minister of Economy, Juan Ariel Jiménez, highlighted the great projections and challenges that lie ahead for the Dominican economy for this 2023, pointing out the great dynamism and resilience that the country has shown after the impact of covid-19 and the war conflict between Russia and Ukraine, positioning itself as one of the most prosperous countries in the region.
By participating as a guest speaker at the AMCHAMDR business meeting, held in San Francisco de Macorís, Jiménez spoke about the characteristics of the national economy and the international and local scene, in his presentation: "Perspectives of the Dominican Economy in 2023".
Jiménez highlighted the resilient values of the Dominican economy whose growth forecasts have exceeded the estimates put forward by experts.
“Emerging economies, including the Dominican Republic, we thought it was going to have a growth of 3.7% and now it is 4%, the same as Latin America, we are forecasting that it will grow more than we thought in the past, every Perhaps we economists are being more optimistic about how the international economy is viewed in 2023”, Jiménez said.
He also marked the importance of the interest rates adopted by the United States Federal Reserve, which are expected to increase by 25 basic points for March of this year, which would directly impact the Dominican economy "Because in the Dominican Republic, The Central Bank almost always does the same thing that the Federal Reserve does, not exactly the same but very similar,” he explained.
The expert in economic matters also explained that it is likely that by 2023 the price of the barrel of the WTI (West Texas Intermediate) petroleum will continue to fall, which could be translated into a drop in fuels prices in the country and therefore a decrease of the dominicans bills.
"That blow that the Dominican economy has had due to rising oil that made the fuel and electricity bills have to increase and more dollars come out of the economy, that is giving way," Jiménez highlighted.
Based on world perspectives, he explained that by 2023 it is foreseen that there will be no economic recession, but rather less than usual monetary dynamism, with a slight drop in global inflation during the year and with periods of high interest rates.
On the national scene, the expert pointed out that by 2023 we can expect a reduction in remittances received and limited private investment due to the increase in interest rates made by the Central Bank in its fight against inflation.
He also pointed out that net exports will have a great challenge given the exchange rate appreciation of the Dominican Peso and that the engines of economic growth (consumption and private investment) will decrease their dynamism, but will continue to grow.
During the meeting, the president of the Provincial Committee of AMCHAMDR in San Francisco de Macorís, Carlos E. Negrín, highlighted the importance of understanding the economic indicators and the possibilities that their understanding opens up for the public and private sectors.
“To understand what the future holds for us, it is essential to familiarize ourselves with the main economic indicators, which are what allow us to make estimates, identify the sectors that need to be strengthened, the global trends that are working and the feasibility of applying them in our country. said Negrin.
This Business Meeting is possible thanks to the support of the member companies of the AMCHAMDR Elite Circle: AES Dominicana, Barrick Pueblo Viejo, Cervecería Nacional Dominicana, Citi, HIT Puerto Río Haina, Grupo Humano, Inicia, Grupo Martí, Altice Dominicana, Grupo Rica, Grupo SID, Grupo Punta Cana, Grupo Estrella and Squire Patton Boggs.
About the American Chamber of Commerce of the Dominican Republic (AMCHAMDR)
The American Chamber of Commerce of the Dominican Republic (AMCHAMDR for its acronym in English) is a non-profit association, legally incorporated on November 8, 1923, which promotes a healthy investment climate based on access to knowledge, opportunities and a culture of best practices for the socioeconomic and professional development of its members. AMCHAMDR is affiliated with the U.S. Chamber of Commerce and is a founding member of the Association of American Chambers of Commerce in Latin America (AACCLA).