During the annual event of the Swiss-Dominican Chamber of Commerce and Tourism (CCTDS), international and domestic economists stated that the Dominican Republic will have a robust and stable financial structure this year.
The CCTDS is a private non-profit law entity which creates and finances programs and projects to support trade, tourism and industry in the Dominican Republic and Switzerland.
Gaetan Bucher, the president of the CCTDS, emphasised that Luis Abinader’s handling of the economy in the backdrop of the Ukraine-Russia crisis and the post-pandemic recovery has greatly benefitted the Caribbean nation.
The experts noted that in 2023 as the global economy will experience significant decline with the central banks of the US, Europe and China having to increase their interest rates to adjust inflation, the Dominican Republic will have the highest growth in the Latin American region. In fact, the Dominican Republic will be taking over Brazil or Mexico soon.
While the chief economist for Latin America at Credit Suisse said that the financial policies in the country have proven successful. Similarly, Ernesto Selman, leader for Mexico and the Dominican Republic of the Inter-American Development Bank (IDB) stressed that tourism and international trade are two domains in which the Dominican Republic has many opportunities.
Rising in face of antagonistic Biden
It must be noted that this development comes after the recent attempt by Biden to hinder the economic progress of the Dominican Republic. As in November last year, the US announced that it is banning sugar imports from Central Romana Corporation, a Dominican company that produces sugar.
The US claimed that the company used forced labour, had an abusive working environment, excess overtime, low wages etc. The USA’s intention behind such a move was part of a wider strategy to undermine the efforts of the Dominican Republic which is trying to safeguard its territorial integrity and sovereignty.
The Biden administration thought its decision will have adverse implications on Dominican’s economic growth, however, the exact opposite happened.
While addressing the initial results of the economy, the Central Bank of the Dominican Republic, stated that the monthly indicator of economic activity (IMAE) showed a growth of 5% in the period of January-November last year. In fact, the Dominican economy recorded growths of around 6.1%, 5.1% and 5.0% in the first three quarters of 2022.
While the public sector debt has declined below 60% of GDP and GDP per capita has risen from $8,971 in 2021 to $10,600 in 2022.
It must be noted that this occurred in the wake of another brazen endeavour of Washington to hurt the economy of the Dominican Republic. As tourism is a crucial sector of the economy, the US decided to obstruct its growth by issuing a bogus travel advisory.
It warned the African and Hispanic Americans to avoid travelling the Caribbean country as they will experience racism and xenophobia from the government. The claim of Washington that dark-skinned Americans are being detained or deported to Haiti is another classic tactic to incite trouble for a sovereign nation.
It followed the same pattern in South Africa and Nigeria. In the former, the US embassy issued a terror alert in response to a series of bold steps by president Cyril Ramaphosa. The South African president refused to side with Biden and his lackeys on the Ukraine conflict, pursued its EV industry plans, maintained strategic partnership with Russia etc. Similarly, Nigeria, which took action against Western companies which were stealing its oil, too was the victim of Biden’s plan.
And now these African nations are joined by the Dominican Republic. However, just like South Africa and Nigeria, it too was able to put up a good fight against the wicked plot of the US and has become an example for other Caribbean nations. The Dominican Republic’s experience reflects that despite the hostile global environment created by the superpower bully, it proved successful in protecting its political and economic stability.