Dominican Republic: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominican Republic

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2023 Issue 225

Publication date: June 2023

ISBN: 9798400247521

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , inflation expectation , liability positions vis-à-vis nonresident , core inflation , return on equity , near-term policy priority , CPI basket , market expectation , Inflation , Public sector , Electricity , Global , Central America

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Summary

Supported by sound policies and positive spillovers, the Dominican Republic has staged an impressive recovery from the pandemic, cementing its place as one of the most dynamic and resilient economies in the Western Hemisphere. The strong recovery began moderating at the end of 2022 in response to tighter global financial conditions, lower global demand, and policy accommodation withdrawal, helping ease inflationary pressures. The current account deficit widened in 2022 to 5.6 percent of GDP and was mostly financed by Foreign Direct Investment (FDI) flows, with the country maintaining sound market access. The financial sector appears well-capitalized, liquid, and profitable.