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Dominican economy lags behind the region
posted on: Apr 22 2010 10:38 by Royston. Viewed 493 times.
The IMF has published its predictions for growth in the Caribbean region. and it says the Dominican Republic will grow in 2010 below the average for Latin America and the world economy.
Since 2005 the Dominican economy had been growing above the average for the region and the world but the expected growth to the Dominican economy is 3.5 percent this year, while Latin America will grow at 4.1% and the global economy will grow 4.2 percent.
However, by 2011 the IMF expects the Dominican economy to grow above average for Latin America and the world.
According to the IMF report, the U.S. economy will grow this year at an unexpected rate of 3.1%. In contrast, Spain's GDP will shrink by 0.4 percent this year.
The report says that following the tragic earthquake, Haiti's economy will shrink by 8.5 percent in 2010, but will grow at 7 percent in 2011 due to the reconstruction work.
The robust growth in Latin America is driven by a strong recovery in countries like Brazil and Mexico, but with the negative weight of Venezuela hit by power cuts, and the Caribbean islands, hurt by a slump in tourism.
The global growth of 4.2 percent, higher than anticipated, is driven, according to the IMF, by China and other developing countries.
"The global recovery has been stronger than expected, but the activity is recovering at different rates: with weakness in many advanced economies and strong in most emerging and developing economies," says the IMF.
Compared with other regions, Latin America will have a growth rate higher than that of advanced economies which are particularly affected by the global financial crisis, for which is projected 2.3% in 2010 and 2.4% in 2011.
Peru is again ahead of growth projections in the region, the same position it occupied in the forecasts of the Fund in 2009. This time, the IMF expects the economy to grow at 6.3% in the remainder of the year and 6% for 2011. Also at the head of the list are Uruguay with 5.7%, (3.9% for 2011), Brazil with 5.5% (4.1% for 2011) and Paraguay with 5.3% (5% for 2011).
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