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Dominican Economy Rebounds with 6% Growth this Year

SOURCE: DominicanToday

Dominican Republic’s economy will grow 6 percent this year as the recovery begun in the second half of 2009 strengthens, affirmed the UN Economic Commission for Latin America and the Caribbean (Cepal) in its regional Economic Study 2009-2010 disclosed today.

The study also says Latin America’s economy will grow 5.2 percent this year, and a 3.7 percent increase of the GDP per inhabitant

“The growth is higher than anticipated, but the performance is very heterogeneous within region,” said Cepal executive secretary Alicia Bárcena when announcing the figures.

The study stresses the growth in Mercusur countries and those “which had a greater capacity to implement policies and those with strong internal markets, boosted by the regional space and the high participation in the exports to Asia.”

According to the report Brazil will lead South America growth this year with 7.6%, Uruguay (7%), Paraguay (7%), Argentina (6.8%) and Peru (6.7%), followed by Panama (5%), Bolivia (4.5%), Chile (4.3%) and Mexico (4.1%).

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Rounding out the field will be Colombia with 3.7%; Ecuador and Honduras 2.5%, Nicaragua and Guatemala 2%, and Venezuela with minus 3%.

Haiti’s economy will fall 8.5 percent as the January quake also devastated its economy, whereas others of the Caribbean will also post negative figures.

Cepal said the level of the region’s economic activity had a positive impact on jobs, which would lead to a fall in unemployment as much as 7.8 percent, 0.4 percentage points lower than the 2009 rate.

Private consumption, increased investment and a jump in exports are the three elements the study says contributed the most to Latin America’s resurgence.

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