NewsWhore
05-24-2010, 02:20 PM
The organization that groups shopping malls in the DR, ONEC, has called on the government to put the brakes on taking on public debt. He said that the public debt is already more than 40% of the Gross Domestic Product.
Pedro Perez Gonzalez, president, Antonio Ramos, vice president and Ernesto Martinez, treasurer attended a discussion on the economy at the Hoy newspaper offices where they urged the DR to avoid trying to imitate European countries that have public debts of more than 70% of the GDP because "those are developed nations that have a capacity that the DR does not have".
"If there is something that demands lots of attention it is the indebtedness, because in our judgment the pace at which the government is taking on debt is mortgaging the future of the next generations in a dangerous way," said Ernesto Martinez, as reported in Hoy. Martinez said that the government needs to establish two limits, one of the percentage of debt to the GDP, but also a limit of the percentage of the government collections to service the debt. He said that is more important and that percentage is so high that it often limits the government's ability to implement its budget.
The business representatives estimated that the economy would grow by about 4% this year, or less than the growth registered in the first three months of the year that totaled 7.5%. They credit the growth to the expansion of the economy due to the electoral campaign that has traditionally led to an increase in money in circulation, and the demand from Haiti.
More... (http://www.dr1.com/index.html#7)
Pedro Perez Gonzalez, president, Antonio Ramos, vice president and Ernesto Martinez, treasurer attended a discussion on the economy at the Hoy newspaper offices where they urged the DR to avoid trying to imitate European countries that have public debts of more than 70% of the GDP because "those are developed nations that have a capacity that the DR does not have".
"If there is something that demands lots of attention it is the indebtedness, because in our judgment the pace at which the government is taking on debt is mortgaging the future of the next generations in a dangerous way," said Ernesto Martinez, as reported in Hoy. Martinez said that the government needs to establish two limits, one of the percentage of debt to the GDP, but also a limit of the percentage of the government collections to service the debt. He said that is more important and that percentage is so high that it often limits the government's ability to implement its budget.
The business representatives estimated that the economy would grow by about 4% this year, or less than the growth registered in the first three months of the year that totaled 7.5%. They credit the growth to the expansion of the economy due to the electoral campaign that has traditionally led to an increase in money in circulation, and the demand from Haiti.
More... (http://www.dr1.com/index.html#7)