The visiting Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), José Antonio Ocampo told the Listín Diario newspaper that the DR economy is the "economic miracle of the region." He said that the Dominican case is exceptional because it is the only Latin American country that has maintained accelerated growth after the 1994 Mexican economic crisis. ECLAC stats show that the DR will post a growth of its GDP of 6% by year’s end. This would be the fourth consecutive year the country shows a growth rate of between six and eight percent. Ocampo explained that the regional average is at 4.2% and that the DR’s growth is only comparable to that of Chile, that has had a 5% growth. He attributed the growth of the DR to its two dynamic export sectors – tourism and free zone assembly industries. Furthermore, he highlighted that the DR is only one of four countries in the region that has reduced its unemployment rate. The other countries are Panama, Peru and Bolivia. ECLAC stats show unemployment in the DR declined from 20% at the start of the decade to a present 14%. He said this is exceptional in Latin America. Ocampo has said the government needs to spend more on social needs. He said the government will now be able to used moneys that were used to subsidize public enterprises in the past.
