LatinNews Daily - 28 February 2023

In brief: DR’s Abinader highlights strong growth

* The Dominican Republic’s President Luis Abinader has said that the country’s GDP grew 4.9% in 2022, above the average for Latin America which the United Nations Economic Commission for Latin America & the Caribbean (Eclac) forecast in its 15 December 2022 report would come in at 3.7%. He made his comments presenting his balance sheet before the national assembly on the Dominican Republic’s Independence Day. He said that the country closed 2022 with record international reserves of US$14.44bn while foreign direct investment (FDI) was up more than 27% in 2022 compared with 2021 to reach over US$3.95bn. He also said that consolidated debt in relation to GDP was 59.1% at the close of 2022, down from 61% when his Partido Revolucionario Moderno (PRM) government took over in August 2020. Abinader said that the tax take closed 2022 at 15.3% of GDP, up by 13.7% on 2021. He attributed the improved tax take to “the evolution of economic activity, the fight against evasion and tax fraud and an improvement in management by the tax authorities.”

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