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Dominican Republic Central banker links low wages to crime

Santo Domingo.- Central banker Hector Valdez Albizu on Wednesday linked low wages with the country´s current level of violence, noting that  can even if the entire country was militarized “or having an army such as Hitler´s” there will  always be robbers, criminals and thugs.

He said he noted to president Danilo Medina that “the man who has two or three children, is thinking that he only has enough only to bring the family meal, a meal without many nutrients, probably not enough to buy milk for the youngest, goes out and sees a good looking girl with a Louis Vuitton handbag, or one of us who is well dressed in suits (…) assaults us, robs us, takes our watch, slaps us two or three times and if we resist fires a shot at us.”

He said the issue is to spread the economic growth among the population, making it a participant in the “economic bonanza.”

The official said workers need decent wages, as the Central Bank has insisted because in his view, the country’s nominal wages grew less than inflation.

Citing the example of the relationship between low wages and crime, Valdez said when people speak of growth say “the Central Bank might grow, but I don’t see mine.”

Speaking in the Dominican Exporters Association´s (Adoexpo) monthly luncheon, Valdez said it has been increasingly confirmed that improved income distribution is important for sustained economic growth.

He said International Monetary Fund (IMF) economist Agustin Carstens told him that to reduce poverty, the nominal wage must be revised, and demand, consumption and investment boosted.

Growth of 7.5%

Valdez said the Dominican economy grew 7.5% of GDP in July, adding that that preliminary figures point to a economic growth above 6% at year end.

Source: DT

Sep 3, 2015

Category: DR News |

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Last updated October 18, 2016 at 10:48 PM
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