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Official warns of a U.S. recession’s effect on local economy

Santo Domingo. – “If the United States enters into recession the Dominican Republic will be affected with a deceleration of the economic growth and consequently a reduction in jobs,” warned Economy minister Themistocles Montas on Monday, noting that the U.S. is the country’s top trade partner, so what affects it reflects the local economy directly.

He said fall of the global economy in 2009 decelerated the country’s economic growth. “If the United States falls into recession it would be bad news for us.”

The official, reacting to International Monetary Fund (IMF) managing director Christine Lagarde’s warning of the risk of the world economy’s “imminent” return to a recession, said the adverse international panorama due to its effects on the generation of new jobs is of great concern.  “In a context where we need to reduce poverty, which is reduced by creating jobs, the fact that a downturn takes place in the economy is a topic which can worry us.”

Montas nonetheless, speaking in an event where the Dominican Republic assumed the presidency of the Executive Committee of the Latin America and Caribbean Network for Development, said “what’s important is for the Government to continue handling it has it has done until now,” maintaining macroeconomic stability and credibility in economic policies, to protect the poor and that the sectors that invest and save don’t lose confidence.
Source: Dominican Today

Category: DR News |

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Last updated October 21, 2016 at 11:57 PM
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