LatinNews Daily - 17 May 2022

In brief: IMF hails Dominican Republic’s economic recovery

* Following a recent visit by an International Monetary Fund (IMF) delegation to the Dominican Republic to hold Article IV Consultation discussions, the IMF has hailed the Dominican economy’s “remarkable resilience to global shocks”. It adds that this was supported by “sound policies, monetary policy support”, as well as a “nimble” vaccination campaign against the coronavirus (Covid-19) and a “well-attuned reopening that allowed the economy to make the most of the global rebound last year”. The IMF highlights that the Dominican Republic’s GDP grew 12.3% last year amid broad sectoral growth – including “a notable recovery in construction and tourism, with arrivals exceeding 2019 levels”. It notes that at the end of 2021 output was 5% above pre-pandemic levels, pointing to a recovery “beyond a statistical rebound and consistent with strong employment growth”. It highlights however that inflation convergence is taking longer than envisaged, running at 9% annually in March which continues to exceed the target range, due primarily to high inflation in the US, higher global energy and food prices, and supply chain disruptions. The IMF underlines that “this resilience and strong signals of policy sustainability are placing the Dominican economy in a good position to face emerging global challenges going forward”.

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