NewsWhore
10-08-2008, 03:00 PM
The Secretary General of the United Nations Conference on Trade and Development (UNCTAD), Supachai Panitchpakdi and Heiner Flassbeck, director of the Division on Globalization and Development Strategies of the UNCTAD said yesterday in Santo Domingo that the DR will feel the brunt of the international financial crisis more acutely than other countries because of its strong dependence on the United States. As reported in Hoy, he was responding to questions from Dominican journalists who participated in a videoconference from Geneva together with Dominican government officials headed by Economy, Planning and Development Minister Temistocles Montas. He presented the UNCTAD trade and development report for 2008. Panitchpakdi said there is no doubt the DR will suffer the consequences of the crisis. He said that restrictions on credit and economic slowdown are already sending negative international signals. He said the DR is a small country with an open economy that will receive a beating. Flassbeck predicted that the tough times will last about a year, and everyone in the world should prepare for the difficult times ahead.
He said that in order to confront the situation the country would need to rely on domestic demand as he forecast that there will be drops in demand for local goods and services from abroad. Panitchpakdi said that he favored advances in the Doha Round negotiations. In addition to journalists, also present at the event were the director of the Center for Exports and Investments (CEI-RD) Eddy Martinez and Luisa Fernandez, executive director of the National Council of Free Zones.
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He said that in order to confront the situation the country would need to rely on domestic demand as he forecast that there will be drops in demand for local goods and services from abroad. Panitchpakdi said that he favored advances in the Doha Round negotiations. In addition to journalists, also present at the event were the director of the Center for Exports and Investments (CEI-RD) Eddy Martinez and Luisa Fernandez, executive director of the National Council of Free Zones.
More... (http://www.dr1.com/index.html#5)