Less tax revenues and more social spending during the Covid-19 pandemic have led to an increase in borrowing and consequentially in the national debt. The consolidated public debt closed in 2020 at about US$53 billion. Yet, the Central Bank is bullish, the Dominican economy is gradually yet firmly recovering.
The Central Bank released on 4 March the report “Public Debt and Financial marks in Times of the Pandemic.” The report concludes that as the foreign exchange generating sectors are reactivated, there will be a gradual reduction of the debt.
“Consolidated public debt closed 2020 at about US$53 billion. If nominal GDP in dollars had simply maintained its 2019 level, some US$89 billion, instead of falling to some US$79 billion as estimated in 2020, the consolidated public debt, would have stood at around 59.5% of GDP, some 10 percentage points lower than the figure...
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