IMF Sees Slower Dominican Republic Growth At 4% In 2023

• The Dominican Republic's economy is expected to grow around 4% in 2023, the International Monetary Fund (IMF) said on Monday, May 22, slowing from the 4.9% increase in 2022.
• The economy is "one of the most dynamic and resilient in the Western Hemisphere over the last two decades," the IMF said in a statement, crediting the island nation's "sound" post-pandemic reforms.
• The strong recovery began moderating at the end of 2022 in response to tighter global financial conditions, lower global demand, and the appropriate withdrawal of policy stimulus, contributing to inflation's convergence to its target.
• The report noted that in the near term, policy priorities should remain focused on continuing to ensure macroeconomic and financial stability; and in the medium term, further enhancements to policy frameworks, the business climate, governance, and social safety nets can foster more inclusive growth.
• The fund said the economic outlook for the Dominican Republic is positive, though subject to high uncertainty, mostly global, with downside risks including further tightening global financial conditions and a sharper slowdown in global growth dominating the short run.

(Sources: IMF & Reuters)