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Pan Finance also published an article from page 36 to 39 about his impact and how the Dominican economy has done this year. This article is in English and can be read here: https://panfinance.net/pan-finance-magazine/
A supplement appears in the Dubai-based Khaleej Times about the recovery of the economy of the Dominican Republic and about the Central Bank of the Dominican Republic.
Countries that receive the most foreign investments (I think this is for 2020). Notice the Caribbean has two countries: the Dominican Republic and Trinidad & Tobago. In Central America two countries also dominate: Panama and Costa Rica. A total of four countries in Middle America out of how many? Incredible that four countries only produce enough confidence to foreign investors in an entire sub-region.
For the sake of comparison, this was a part of Tokyo, Japan in the 1970's. These type of living conditions disappeared as the country went through several decades of economic growth at a higher rate than population growth. Today it's virtually impossible to find this type of living standards in Tokyo.
This resumes the transformation of Singapore from one of the world's poorest nations in the 1960's to one of the world's richest nations today. A little over two generations for this transformation to take place. While many things went into this transformwtion, the main one was increasing wealth production at a faster rate than the growth of population.
In the following you can see how GDP per capita (PPP) has grown in Latin America since the 1800s and the projection to 2026. Dominican Republic appears from the 1950's onward. Notice how it's the country that converges the most with other countries in Latin America, moving up in the rankings of national wealth more than any other country. Also notice that when dictator Trujillo was killed in 1961, it was the poorest Spanish-speaking country in Latin America and overall only Haiti was below it and the difference wasn't by much. Then notice how it's projected to no longer rank among the poorest in Latin America by 2026, in fact it will rank among the top 4 wealthiest in the region.
How does the governor of a Central Bank achieves recognitions by international institutions and/or organizations?
Well this is one way. Published today (Jan 4, 2023) in all the major newspapers of the Dominican Republic (ListÃn Diario, El Caribe, Diario Libre, etc) is this.
The DR ended 2022 with net reserves (should not be compared to gross reserves which obviously are higher) reaching the highest level ever at over US$14 billion. As can be seen in the graph shown, Dominican reserves have been continually increasing since 2008, except in 2012 when some of the reserves had to be used to stabilize the Dominican currency from unplanned shocks. The amount surpasses the minimum guidelines set by the IMF surpassing 12.7% of GDP and almost 6 months of imports. Increasing reserves is one telltale sign of good economic policies put in place.
ListÃn Diario, El Caribe, Diario Libre, etc Newspapers (1/4/23).
This was published today January 10, 2023 in the major newspapers of the Dominican Republic. The information presented here is interesting because they cite international organizations.
ListÃn Diario, El Caribe, Diario Libre, etc Newspapers (1/10/23).
Human Rights - The DR is one of the few countries that increased its quality of life in 2020 (United Nations).
Creditworthiness - Due to sound economic policies, the country increases its credit ratings and has a high economic growth (Standard & Poors).
Trustworthiness - The World Bank increases to US$1.8 billion available to finance economic projects in the DR as a sign it increases it's trust in the country.
Hunger Index - While hunger increase in the world, in the DR it went from 8.3% to 6.7% (FAO).
ListÃn Diario, El Caribe, Diario Libre, etc Newspapers (1/10/23).
Fiscal Management - Bank of America exalted the Dominican fiscal management with an expected economic growth of 5.5%.
Corruption Perception - In 2022 the DR increased 9 positions (less perceived corruption the more positions it increases; Transparency International.)
Health - The World Health Organization General Director congratulates the Dominican president for the way the Covid pandemic was hsndled in the DR.
Electoral Freedom - In the 2022 World Electoral Freedom Index, the DR is in the 16 position.
Tourism - The World Tourism Organization recognized the DR as number 1 in tourism recuperation post-Covid global pandemic.
Freedom of Speech - The DR went from the 24th position to the 4th position with most freedom of speech (Interamerican Journalist Society.)
The last post resounds what Raúl Hoyo said back in November 2022. He is one of the founders of Altio SAFI, currently the largest investment bank in the DR which currently manages about US$500 million (Dominican laaws prohibit Dominican investment banks from investing in companies outside the DR; and he is one of the founders of Altio Capital in NYC which is the first Latino founded investment firm in the USA and currently manages about US$4 billion, American investment banks can invest in the USA and abroad.) He founded the entity after living with his wife in the USA for many years, in fact his wife worked in the design of one of Miami, Fl's tallest building. Based on what he said, when it was time to have kids they decided to return to Santo Domingo so the kids would be born and grow up in the DR.
Btw, he looks like that very gringo because one of his parents is white American and the other obviously Dominican, and when he was born in Santo Domingp his looks took more from his American side. A Dominican that looks like that, except when he opens his mouth, most Dominicans of all types and social classes would assume he is from the USA and not Dominican or tied to the DR what-so-ever.
Anyone that looks different from most black, mixed or white Dominicans people will assume they are foreigners until they open their mouth. The opposite is true with foreigners that look like a typical black, mixed or white Dominicans people assume they are Dominican until they open their mouth.
"I'm noticing a huge interest of foreign institutional clients that want to invest in Altio. The same is happening to my competition. About 4 weeks ago I was in Panama for a stock exchange event and they were very motivated to invest in the DR. Right now the DR is the golden egg of Latin America. We have macroeconomic stability, political stability, almost all our investment funds are profitable in this year which is one of the worst years in history."
"An excess of talent… In my sector the Dominican talent is top notch. I have a team in NYC and a team in Santo Domingo. The only difference between the team in NYC and the team here is that the one there has an international network and the one here has a DR only network. I would never give the transaction of the local team to the NYC team and vice versa, but the technical know how and everything else is incomparable between the two. I don't tell you that one is better than the other, because I would get in trouble with one of the teams."
"The talent has gone through a tremendous change in the DR, the same as so many other things. Our infrastructure, I that travel a lot to Central America, our road infrastructure is incomparable to the one in any of those countries. There isn't even one that is comparable."
(1:25:40)
Guyana will have an extraordinary growth leading the region. Of the Latino countries, the leader is expected to be Paraguay with 5.2% followed by the Dominican Republic with 4.8% and then Panama 4.5%. The World Bank itself projects that the global economy is on the verge of falling into a recession, so the economic situations in these four countries are expected to be extraordinaries.
For 2024, the Dominican Republic is expected to increase its economic growth. 2020 was an atypical year due to the Covid pandemic and the shutdown of the economy almost everywhere for a long time. Despite that, the effects of Covid on the economic growth hit harder some countries more than others. In 2021 part of the growth was the catch up of the pent demans during the shutdown, so you had their normal growth plus the added growth by everything opening up again.
As long that economic growth remains higher than population worth, the overall standards of living improves. The contrary happens if the growth is below population growth and worst if it's negative growth. For developing countries, having a much higher economic growth than population growth is paramount for over the long term improving the well being of the people.
Reminds me of this 2021 focus from the IMF. Ascan be seen, over the long term there is Panama which is doing etraordinarily well on this regard compared to the rest of the region. Chile and the Dominican Republic follows has had increasing standards of living faster than all other Latin American countries. This mean that in these three countries are getting closer to the US standard of living compared to Latin America overall, which as everyone knows the US is one of the most developed countries in the world with its people enjoying some of the highest standards of living in the planet. Seven countries in Latin America don't simply have a lower convergence rate compared to Latin America, but are getting away from the standards of living in the USA, not what you want in a developing country if the well being of most of the people is your interest.
This is a very important measure, because if you have an average economic growth at such-and-such level but the developed countries have a higher average economic growth, then how much good is your economic growth if overall your people are worst off compared to the standard of living in developed countries? Yes, they are living better than before, but people in developed coubtries are living not just better than before but better than your own people relative to how it was (the gap in standards of living is greater).
Many times some people will say things "the DR is like [insert the Latin American country," but reality show something else. Then again, usually those that say that are themselves from a country that isn't doing as well. Why is it you never hear Panamanians saying that?
This one is not so much from the Central Bank of the Dominican Republic, but it was posted today of a presentation of where to invest in Santo Domingo. It's in English, so this is targetting foreigners/Americans investors. It lasts about 21 minutes.
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