The Governor of the Central Bank of the Dominican Republic (BCRD), Hector Valdez Albizurevealed yesterday that “the nominal product would stand at US$109,045.4 million in 2022 and would continue to grow until it exceeded RD$120 billion in 2024, which would place the Dominican Republic, as stated by the IMF, as the seventh largest economy in Latin America.
Speaking at the XV International Congress of Finance and Auditing (CIFA), he stated that this level of product, together with a modern and efficient strategy for managing liabilities by the Ministry of Finance aimed at reduce debt service and improve its sustainabilityhas contributed to the consolidated public sector debt falling from 69.1% of GDP in 2020 to 62.6% of GDP in 2021, projecting a level below 59.0% of GDP for the end of this year.
The nominal product expresses the monetary value of the production of goods and services of final demand of a country.
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The governor expressed that “despite the complex and uncertain environment that we have had to live in recent years, the Dominican economy maintains solid fundamentals and, as on other occasions, will come out stronger. I am confident that its dynamism will continue, generating more and better jobs for Dominicans, promoting consumption and creating new investment opportunities.”
At the conference, he explained how the Dominican Republic designed and executed a effective strategy to face the international crisis on the health and economic fronts. In a second part of his speech, he outlined the main aspects of the Dominican economic recovery and its future prospects.
He highlighted that year-on-year inflation was lower in May and June than in April and this behavior is expected to continue for the rest of the year, so inflation would converge to the target range of the BCentral width of 4.0% ± 1.0% during 2023.
On the other hand, according to the forecast system that contains the different projection models of the BCRD and multilateral organizations, such as the IMF and the World Bank, the Dominican economy would grow 5.0%, an expansion rate close to the potential, both in 2022 and in 2023.
Valdez Albizu explained that the Dominican economy has continued to grow.
