2009News

Time to change the economic model

Santiago Chamber of Commerce president Oliverio Espaillat has backed statements by President Leonel Fernandez, saying that the country’s economic model needs to change. Espaillat is in favor of a model that focuses on the country’s productive sectors. He says that there needs to be full support for a change in mindset so the country can become a leading exporter. “This means that fiscal and monetary macroeconomic policies need to be modified and coordinated so that they directly support these activities,” he said, as reported in El Nacional. Espaillat says that the creation of jobs in the formal sector depends on this. Espaillat says that under the present models fewer jobs in the formal sector are created, with more employment in the informal sector without social benefits for employees. He called for a reduction in government current spending, and increased spending on education and infrastructure.