The current economic situation in DR
Current Account Balance for the Dominican Republic: -$3.862 billion (2011 est.)
The economy is quite grim in the Dominican Republic. Especially the North Coast is feeling the financial pinch. Business in General is quit dead, largely affected by the low number of Tourists visiting the area. What is causing this? Well one thing that both visitors and residents soon realize, is the overwealming amount of corruption from the Government and their forces, right down to small traders. Unfortunately it’s so usual to be faced with people who buy into lying, cheating, stealing, framing and letting others down – this behavior is found in all Government departments, businesses and with small traders. No wonder many never wish to return with their hard earned cash or why so many sell up and leave the country.
Corrupt Politicians with financial interests in certain areas like Punta Cana have managed to steer tourist away from other tourist areas like Puerto Plata, Sosua and Cabarete, which has not helped the economies in these areas. Local Mayors have been known to keep lining their own pockets while letting their towns fall apart, which again puts tourists off, as they like a certain minimum standard to give them an enjoyable vacation experience.
One sign of a sick economy, is when it’s hard to find even a small percentage of successful businesses or successful sales agent, and on the North Coast you just don’t seem to find them. Even the sharpest of business people need a fairly healthy economy to shine through with their talents, and here most people are either broke or exceptionally careful not to loose what they have.
So if you are thinking of coming over here to do business, then pick your location and idea carefully!
May 15, 2011
Category: DR Living |