The Central Bank of the Dominican Republic (BCRD) reports that remittances that entered the country in the first 10 months of 2024 increased by 5.8%, equivalent to about 8,911.7 million dollars, 487.5 million dollars more than in the same period. in 2023.
Its most recent report indicates that in October it received 913.0 million dollars for this concept, which means an increase of 10.4% compared to the same month last year.
He adds that the behavior in October was similar to that observed last September, when remittances reached 886.2 million dollarsincreasing 7.1% compared to September 2023.
The monetary institution highlighted the importance of these resources sent by the Dominican diaspora abroad, as they generate a multiplier effect on consumption, investment and financing of the most vulnerable sectors of the country.
Remittances from the United States
He BCRD highlights that the economic performance of the United States was a determining factor in the behavior of remittances, since the 82.2 % of the formal flows in October, equivalent to 694.5 million dollars, came from that country.
On the one hand, general unemployment in the North American country remained at 4.1% in October, with the creation of 12,000 new jobs.
Additionally, the purchasing managers index (PMI for its acronym in English) non-manufacturing of the Institute of Supply and Management (ISM for its acronym in English) registered a value of 56.0 in the month of October.
This exceeded by 1.1 points the 54.9 observed in September, indicating the expansion of the services sector, where a large part of the Dominican diaspora is employed.
Growth according to the IMF
This Wednesday The International Monetary Fund, IMF, predicted that the Dominican Republic will be the Central American nation that will grow the most in 2025.
In its most recent report, the organization projected economic growth for the Dominican Republic for the coming year of 5.0%, the highest in Central America, followed by Nicaragua with 3.8% and Guatemala, with 3.6%.
These figures reflect the total consolidation of the recovery of the Dominican economic apparatus, pre-pandemic, which according to the Central Bank corresponded to 5.1% in 2019.
IMF recommendations for Central America
Although the improvement in the economic systems of the region stands out, the entity recommends a series of measures to promote growth and maintenance of the Gross Domestic Product, GDPin the long term, among which he mentions:
“Improving governance, by strengthening the rule of law, improving government effectiveness and combating crime, is a priority that cuts across all areas of growth.”
“Promote competition and encourage foreign trade”
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