{"id":138290,"date":"2020-03-25T13:24:19","date_gmt":"2020-03-25T13:24:19","guid":{"rendered":"http:\/\/ny1.dr1.com.do\/wordpress\/?p=138290"},"modified":"2020-03-25T15:19:52","modified_gmt":"2020-03-25T15:19:52","slug":"isa-contreras-very-difficult-times-ahead","status":"publish","type":"post","link":"https:\/\/dr1.com\/news\/2020\/03\/25\/isa-contreras-very-difficult-times-ahead\/","title":{"rendered":"Isa Contreras: Very difficult times ahead"},"content":{"rendered":"\n
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Economist Pavel Isa Contreras says the Dominican Republic is already feeling the severe effects of what he estimates is the worst economic crisis to affect the world as we know it today.<\/p>\n\n\n\n

In an interview on AN7 TV channel, he said that the drastic restriction of travel and the closing of borders will have a major impact. \u201cMarkets are closing, exports do not find markets, there are severe difficulties for the transport of merchandise,\u201d he remarked. He pointed to the extensive supply chain behind the stores, that of wholesalers that supply retailers, agriculture that supplies industry, and more.<\/p>\n\n\n\n

\u201cWithout doubt there will be a significant reduction in people\u2019s income,\u201d he said. This will be felt the most among those working in tourism, the most affected sector. He said anyone working outside of essential services and health services will suffer. He named export free zones.<\/p>\n\n\n\n

He said the impact will worsen with the community spread of the disease as the governments see it necessary to implement extreme social isolation measures and oblige people to not leave their homes.<\/p>\n\n\n\n

\u201cProbably all the economy will be affected,\u201d he said. He remarked it took China two months to reopen activities. He forecast many companies will close if the present shutdown of businesses lasts for two months. \u201cMany businesses will not be able to hold out without selling,\u201d he said.<\/p>\n\n\n\n

Isa Contreras recommends the government forget about its fiscal deficit. \u201cThese are unchartered waters and we do not know how long the suspension may last,\u201d he said. He warned that more than half of Dominican households depend on what the breadwinners bring in with their everyday work. He said those that work in the informal sector do not have any income if they do not work, nor do they have savings.<\/p>\n\n\n\n

He called for the government to subsidize the companies so they can keep their employees. He urged the government to make deposits to the accounts of people on the \u201cComer es Primero\u201d welfare plan, so that they can continue to buy essential goods. He said this measure would complement others being taken by the Tax Agency (DGII) and the Monetary Board, which primarily favor the formal sector. \u201cThe government needs to spend lots of money. There is no alternative,\u201d he declared.<\/p>\n\n\n\n

Later on Esta Noche con Mariasela, Contreras expanded on the economic topic, urging for actions to protect the jobs of people.<\/p>\n\n\n\n

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25 March 2020<\/p>\n","protected":false},"excerpt":{"rendered":"

Economist Pavel Isa Contreras says the Dominican Republic is already feeling the severe effects of what he estimates is the worst economic crisis to affect the world as we know it today. In an interview on AN7 TV channel, he said that the drastic restriction of travel and the closing of borders will have a … <\/p>\n

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