The governor of the Central Bank of the Dominican Republic, Hector Valdez Albizu, says that the country is on the right road and doing well. During a talk to Central Bank personnel when celebrating the 77th anniversary of the Central Bank, Valdez Albizu noted that year-to-year growth was 5.6% as of August 2024.
Since January, despite several conflicts around the world, the Dominican economy has grown by 5.1% and leads all of Latin America. As of September, the year-to-year inflation rate was 3.29%.
The Central Bank governor noted that the manufacturing free zones, construction and tourism were major contributors to the glowing financial status of the nation at this point in time. The role of remittances was also emphasized, with over US$880 million entering the country in September.
Valdez Albizu did note that “informality” was perhaps the major burr under the saddle of progress, since over 50% of workers were not in the formal sector, contributing to Social Security and paying taxes. However, the forecasts are positive and the nation’s leading banker told his audience that the economic future was certainly positive.
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Central Bank
Listin Diario
21 October 2024