NewsWhore
10-18-2007, 02:40 PM
Economic, Planning and Development Minister Temistocles Montas is quoted in Hoy as saying that the subsidy for the energy sector will come to US$600 million for this year, despite having been budgeted at US$400 million. Montas was speaking during the American Chamber of Commerce monthly luncheon. Montas claims that part of the problem with the sector is that the energy distributors aren't charging users for part of the energy they supply. Montas commented that Dominicans are now used to the variations of gasoline prices as a result of international market price fluctuations.
The minister added that the country needed to do a better job in reducing the income distribution gap and strengthening Dominican institutions. Currently the distribution of income in the DR is at 27% compared to 42% in Brazil, 29% in the US and 44% in Colombia, among others, he said. Quoting a World Bank report, he said that although the DR is above the average for Latin American countries in term of institutionalism, it is behind the standards set by developed nations.
In addition, Montas said that if the Dominican population grew by 1.5% per year in the next three years, with an average GDP growth of 3%, it would take the country 100 years to achieve a per capita income of US$17,000 for Dominicans. But with a 5.1% economic growth over the next couple of years, which has been the trend in the Dominican economy since 1955, a US$17,000 per capita income would be reached in 40 years and with a continuous 7% GDP growth, the US$17,000 mark could be reached in 25 years.
More... (http://www.dr1.com/index.html#2)
The minister added that the country needed to do a better job in reducing the income distribution gap and strengthening Dominican institutions. Currently the distribution of income in the DR is at 27% compared to 42% in Brazil, 29% in the US and 44% in Colombia, among others, he said. Quoting a World Bank report, he said that although the DR is above the average for Latin American countries in term of institutionalism, it is behind the standards set by developed nations.
In addition, Montas said that if the Dominican population grew by 1.5% per year in the next three years, with an average GDP growth of 3%, it would take the country 100 years to achieve a per capita income of US$17,000 for Dominicans. But with a 5.1% economic growth over the next couple of years, which has been the trend in the Dominican economy since 1955, a US$17,000 per capita income would be reached in 40 years and with a continuous 7% GDP growth, the US$17,000 mark could be reached in 25 years.
More... (http://www.dr1.com/index.html#2)