Conep complains of less economic activity

[NewsWhore]

The president of the National Business Council (CONEP), Lisandro Macarrulla, says that there has been a decline in local production, and job losses. He said this is a serious situation that could lead to social conflict. Macarrulla stated that, "the national business community is very worried in view of the fact that bank credits for the private sector are down and the demand for business loans has fallen in spite of the reduction in interest rates which obviously suggests that a modification in the lowering of expectations and a reduction of the overall demand has taken place." He added that bank liquidity has increased due to a lack of demand and that more than RD$20 billion in the public's savings in the banks is without use, that is to say, unproductive.
He emphasized that bank credits have only increased in the public sector, but not to activate the economy but rather to maintain current state expenditures, which will not help reactivate the productive sectors and will instead create a future problem that could lead the authorities to think of a new tax reform package some time soon. Macarrulla told reporters that instead of complaining that the economic policies have not reacted in time for the last few months and restrictive measures were put into place when just the contrary was called for, now is the time to take corrective measures.

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