Inflation low in October; IMF mission visits

On Friday, 17 November 2023, the International Monetary Fund (IMF) concluded its visit to Dominican financial institutions and business groups. As a result of the visit, the IMF representative, Emilion Fernandez-Corugedo, told reporters that the IMF expects the Dominican Republic will finish the year short of the 4% that was forecast earlier in the year. By the end of 2023, Gross Domestic Product (GDP) is expected to sit at +3% for the year, due mainly to a slowing of the global economy.

Fernandez-Corugedo says the country had fulfilled all of its programs to control inflation and set the basis for continued economic growth in 2024.

The IMF sees that protocols aimed at controlling monetary policies will produce a possible 5.2% increase in GDP in 2024. He also noted that during their look at Dominican financial institutions, the experts were pleased to see adequate capitalization, liquidity, and earnings levels, so the outlook is promising.

Fernandez-Corugedo pointed out that Foreign Direct Investment (DFI) could hit US$4.5 billion in 2024, reflecting investors’ confidence in the Dominican Republic.

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20 November 2023