The Central Bank has rejected recent comments by economist Miguel Ceara-Hatton who said that growth of GDP over the last 12 years (2000-2012) has not been reflected in a decrease in poverty.
An article posted by the Bank says that 800,000 new jobs were created from 2005-2012, a time of significant economic growth. It adds that poverty indicators have dropped by 9% since 2004. The article claims that 49.8% of the population was classified as living in poverty in 2004, some 4.4 million people (1.8 million more than in 2000). In 2012 400,000 fewer people were living below the poverty line, according to the Central Bank.
Ceara-Hatton argued that neither the financial crisis in 2003-2004 nor the international crisis were excuses for the lack of reduction in poverty in the DR when compared to the rest of Latin America. The Central Bank experts say that from 2002-2004 workers’ real income fell by 35.5% in the country as a direct consequence of 103% inflation, which occurred over this time. The Bank says that workers’ real wages are stagnated, affecting distribution of wealth.
Ceara-Hatton says that it is a matter of looking at the whole picture and not just part of it.
www.elnuevodiario.com.do/app/article.aspx?id=341301