DR less attractive for investments

[NewsWhore]

Economist and coordinator of the Human Development Office for the United Nations, Miguel Ceara-Hatton pointed out in his participation in the year's end economic debate on TeleAntillas, Channel 2, said that the DR is less attractive for investors. He mentioned worsening of public services, unskilled labor force, institutional deterioration and violation of the rule of law as major factors affecting foreign investment. He said these problems worsened in 2010. Moreover, he criticized the government's priorities, and called unsustainable the rising public debt, as reported in Hoy. He said interest payments alone on the foreign debt are at 2% of GDP already. He acknowledged 2010 ended with exemplary macroeconomic stability, he mentioned the fiscal deficit, deteriorating trade balance with the US and the fact that none of the Millennium Objectives have been met. He said that the present economic model while producing wealth generates exclusion. He said there is no excuse for a country with 7% GDP growth has an unemployment rate of 14%. He said that the present all-inclusive tourism resort model excludes the communities from benefits of the industry.

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