The Governor of the Central Bank, Hector Valdez Albizu, told members of the American Chamber of Commerce that the outlook for the Dominican economy chiefly hinges on the country’s ability to promote policies conducive to macroeconomic stability, and the flexibility of local entrepreneurs to adapt to the requirements of an increasingly competitive international business environment. He also highlighted the need to continue to improve the economic reform package already initiated by the government, and called for the modernization of the Dominican State to make it more responsive to the changes effected by the new world economic order. In his opinion the most pressing issues facing decision-makers include better vocational education, instituting social security reforms, protecting the environment, and expanding the existing infrastructure.
Mr. Valdez also said that the Central Bank is forecasting a surplus on the country’s current account of some US$100 million and a minimum increase in foreign reserves of US$60 million for this year. Other economic objectives include a growth in the GDP of 5 percent, inflation of between 6 and 7 percent – less than the 9.2 registered in 1995 – and a 10 percent increase in exports. The Governor pointed out that this economic forecast is currently being met.