As the year progresses, new challenges are developing that may change the economic outlook, El Dinero reports. The business newspaper mentions that the World Bank has dropped its forecast for growth in the Dominican Republic from a 4.9% year’s end growth rate for 2023 to 4.4%.
The Ministry of Economy has said that the Gross Domestic Product will grow 4.25% this year, that is 0.25% less than its forecast in November 2022.
Furthermore, Oxford Economics expects the year’s end performance to be a lower 3.8%.
El Dinero observes that the World Bank expects a regional outlook at a much lower growth of 1.4% in 2023, also lower than expected. Likewise, rates of 2.4% are expected for 2024 and 2025. For the international organization, these indicators are “too low to achieve significant progress in poverty reduction”.
The DR is feeling the brunt of the social services burden caused by migrants from neighbor Haiti, where the forecast is negative growth.
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El Dinero
10 April 2023