The Dominican Republic saves the least in Latin America
Santo Domingo.- Banks superintendent Rafael Camilo on Thursday affirmed that the Dominican Republic is the country which saves the least in Latin America at only 8% of GDP, but in an apparent lapse noted that the peoples purchasing power has been declining.
He cited data from 2011 but affirmed that the official figures haven’t changed much since. “It’s a serious situation today, we’re saving 8%, and there’s much explanation for that. But what does that mean?, that we ourselves cannot finance our economy. With domestic savings we cannot finance our economy.”
Speaking at a breakfast of Dominican Republic’s Industry Association, Camilo called the situation on saving serious because the country will “always have to borrow and seek loans abroad to finance growth.”
He spoke on the topic “Exports as the axis of a new development model: Its financing and the Bandex,” on which the official added:”What’s happened is that real wages have been declining in Dominican Republic.”
Category: DR News |