DomRep Recovered 77% Of The Jobs Lost Due To COVID

• In February 2020, the Treasury of Social Security (TSS) in DomRep registered 2,122,037 workers, a figure that was reduced in the following months, reaching its lowest level in May of that same year, when the number stood at 1,593,310 employees, due to the stoppage of economic activities to curb the virus contagions. 
• However, as of June, the economy began to recover part of the jobs lost, and at the end of April 2021, 406,730 jobs have been recovered since then, equivalent to 77% of the total loss. This shows that to reach the February 2020 level, only 121,997 jobs need to be added. 
• On average, during the first four months of 2021, 15,941 jobs were recovered each month. Of that period, February was the best in terms of job recovery, with 25,420 jobs added that month. 
• The crisis caused by COVID-19 resulted not only in the loss of jobs but also of employers. However, a comparison of April 2020 with the same month of this year shows an increase of 38.4% in the number of employers. Improvements in both employer and employee count point to the gradual recovery on display in the country. 
• Fitch Solutions is anticipating GDP growth of 5.2% in 2021 driven by rebounds in private consumption, investment and exports. In addition, the country’s robust investment environment, free trade agreement with the US and increasing chance of ‘near shoring’ by US-based companies could lift the Dominican Republic’s long-term growth outlook.

(Source: Dominican Today)