The projections of international organizations on the growth of the gross domestic product (GDP) of the country remain above 5% by 2022, despite the persistence of the geopolitical conflict between Russia and Ukraine, which has pushed down global growth prospectsaccording to a report by the Ministry of Economy, Planning and Development.
The “Macroeconomic Situation Report: Situation Monitoring” corresponding to April 2022, establishes that the growth forecasts for the Dominican Republic are maintained on average with 5.2% for 2022 and 4.8% for 2023after weighing estimates from the International Monetary Fund (IMF), the World Bank (WB), the Economic Commission for Latin America and the Caribbean (ECLAC) and the firm Consensus Forecasts.
The document cites that, at the regional level, the IMF reduced the growth prospects of Latin America and the Caribbean to 2.5% for 2022 and 2023, while ECLAC shows a growth of 1.8% for the present year.
On a global scale, the IMF projects a growth of 3.6% in GDP for both 2022 and 2023, prospects that are clouded by the direct effects of the war in Ukraine, the interruption of the supply chain due to China’s total confinement policy in the face of the new coronavirus outbreak.
Indicates the monthly indicator of economic activity grew 6.4% during March.
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Adversity
“Despite an adverse international environment, the monthly indicator of economic activity in the Dominican Republic registered a year-on-year growth of 6.4% during March 2022, which demonstrates the resilience and ability of the authorities to counter unfavorable external shocks,” the study indicates. .
While the accumulated growth from January to March was 6.1%, in which the economic activities that had the greatest incidence were hotels, bars and restaurants (39.3%)others service activities (11.0%) and the transport sector (8.8%).
“For the end of the year, an expansion of the real product of 5.0% is projected, in line with the potential of the economy, as the risks derived from the pandemic and the current geopolitical conflict are mitigated,” the document points out.
This performance of the economy, the report refers, is also a reflection of a notable recovery of tourism in the country, whose level of total passenger income exceeds pre-pandemic levels.
