Impact of the US financial crisis
Despite the optimism reflected in recent statements by President Leonel Fernandez during his trip to the US, government figures show that the Dominican economy is already hurting from the impact of the US financial crisis. President Fernandez forecast that the worst of the US crisis was over, and said that remittances were on the rise, not in decline. Furthermore, Fernandez said that on the contrary, the country was benefiting from an unusual flow of US dollars as Dominicans abroad bring their savings back home, fleeing from possible difficulties in US banks.
But the current issue of Clave newspaper says that while there was a 6.58% increase in remittances from January-June 2008, there has since been a pronounced trend towards a decline, according to Freddy Ortiz of the local association of remittance companies.
The report by Edwin Ruiz also focuses on the growing trade deficit between the US and [...]
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