William Maloney, chief economist for Latin America and the Caribbean for the World Bank, during a press conference following the presentation of a recent report highlighted the strengths of the Dominican Republic.
In the new report, “Competition: The Missing Ingredient for Growth?” the World Bank highlights potential areas for action, emphasizing that leveraging competition policies and institutions is key to any impactful growth strategy. The World Bank forecasts that regional GDP will expand by 1.6 percent in 2024.
Diario Libre shares Maloney’s remarks when commenting on the Dominican economy. Maloney spoke of how the DR has maintained a good level of foreign investment. He remarked nevertheless that manufacturing levels fall behind those in Costa Rica. “Then it is not the nearshoring that would be expected, but there are many more service industries that are doing well, and all despite the tragedy in Haiti on the border.”
He said the DR is one of the few Latin American countries that has posted consistent productiveness rates in the past decade.
He mentions foreign investment targeted mining projects over the past decade. But he said greenfield foreign investments are impacting the country that is showing a strategic turn towards diversification. He also highlighted increased investment in hotels and lodging.
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Diario Libre
World Bank
11 April 2024