Temístocles Montás, Isidoro Santana, Juan Ariel Jiménez and Miguel Ceara Hatton, former Ministers of Economy, presented the challenges facing the country for the future
The country’s main development challenges are economic transformation, industrial diversification, better education, tax reform, adaptation to climate change, institutional strengthening, and increased domestic savings.
This was stated by the former Ministers of Economy Temístocles Montas, Isidoro Santana, Juan Ariel Jiménez and Miguel Ceara Hatton when participating in the panel “Development Dialogues”moderated by Minister Pavel Isa Contreras.
Santana said that there is no possibility of solving a large part of the country’s social problems with a tax pressure of 14% of the gross domestic product (GDP), for which a social contract is needed to finance the State.
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He stressed that the country must make every effort to diversify, especially the industrial sector, which is the only one that generates technology or, at least, can adapt it well.
To transform the Dominican productive structure, the country must insert itself into global value chains, as well as make it easier to do business, which has important tax implications, because the tax system is very complex, said Jiménez.
He considered that quality education is essential to have a more productive workforce. “Teachers and directors are two fundamental pieces to transform what happens in the classroom. Not everyone can study education,” he stated.
Ceara Hatton explained that institutional strengthening is essential for the country’s economic development, due to its impact on competitiveness and foreign attraction.
Adaptation to climate change is not an option, but an obligation. The country is experiencing the effects of climate change: beaches are being eroded at high speed and rivers are slowing down, he said.