Crisis felt in the DR
Until a recent summit in La Romana with the Economic Commission for Latin America and the Caribbean (ECLAC), global financier George Soros and former chief economist at the World Bank Joseph Stiglitz, President Leonel Fernandez maintained that the DR was immune to the international financial crisis. Now the reality is setting in. The country is starting to see chinks in its armor as US-based companies are suspending contracts and reducing production orders from free trade zones (FTZ) in the DR. According to Listin Diario, Chrysler, J.C. Penny, Home Depot and Bombay are among the companies that are reducing their orders for products made in the country and as a result the National Free Trade Zone Export Council (CNZFE) has announced that the FTZ in Esperanza has cut 30 jobs. CNZFE confirms that at least 600 jobs will be lost in La Romana’s FTZ. CNZFE director Luisa Fernandez Duran said that [...]
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