NewsWhore
08-31-2011, 04:30 PM
Economists Apolinar Veloz, Henri Herard, Fernando Alvarez Bogaert and Bernardo Fuentes participated in a panel on Perspectives of Dominican Economy into the Next Presidential Election at the Torre Empresarial yesterday.
In their presentations, Veloz, Herard and Alvarez Bogaert criticized the way that growth in the DR is based on consumerism and the low savings capacity evidenced nationwide, as reported in Listin Diario.
Fuentes advised the government to sign a new Stand-by arrangement with the IMF to maintain controls on the economy. He called for more efficient cost structures and identifying new markets for goods and services.
Veloz said that from 2006 the Dominican economic model is marked by an increase in consumption, which has gone from 82% of GDP in 2005 to 93% of GDP in 2010. He said this was not economically sustainable.
Hebrard expressed concern about rising interest rates. He said mortgage rates have increased by 50% this year, going from 10 to 15%.
Alvarez Bogaert said the government has turned its back on the productive sector. He said that in 2001, 29.4% of loans were granted to the productive sector, compared to 13.3% in 2010. He said that in 2006, 12.4% of loans went to the commerce but by 2010 33% are going to the sector. Alvarez said this is a nation with limited resources, and only competitiveness and production will bring prosperity.
The talk was organized by the Association of Industries of Herrera and the Province of Santo Domingo, the French-Dominican Chamber of Commerce.
More... (http://www.dr1.com/index.html#5)
In their presentations, Veloz, Herard and Alvarez Bogaert criticized the way that growth in the DR is based on consumerism and the low savings capacity evidenced nationwide, as reported in Listin Diario.
Fuentes advised the government to sign a new Stand-by arrangement with the IMF to maintain controls on the economy. He called for more efficient cost structures and identifying new markets for goods and services.
Veloz said that from 2006 the Dominican economic model is marked by an increase in consumption, which has gone from 82% of GDP in 2005 to 93% of GDP in 2010. He said this was not economically sustainable.
Hebrard expressed concern about rising interest rates. He said mortgage rates have increased by 50% this year, going from 10 to 15%.
Alvarez Bogaert said the government has turned its back on the productive sector. He said that in 2001, 29.4% of loans were granted to the productive sector, compared to 13.3% in 2010. He said that in 2006, 12.4% of loans went to the commerce but by 2010 33% are going to the sector. Alvarez said this is a nation with limited resources, and only competitiveness and production will bring prosperity.
The talk was organized by the Association of Industries of Herrera and the Province of Santo Domingo, the French-Dominican Chamber of Commerce.
More... (http://www.dr1.com/index.html#5)