Vulnerable shield
During his recent trip to the US, President Leonel Fernandez told audiences that the Dominican economy is “shielded” from the present US crisis. In today’s Hoy newspaper Rosario Espinal of Temple University comments that the PetroCaribe oil agreement with Venezuela that enables the government to postpone payment of the oil bill for 25 years, remittances and foreign investments have helped the DR ride the present crisis. But she states that it is not true that the economy is “shielded.”
Espinal writes that the effects of the crisis will be reduced if the US is able to overcome the present financial crisis without experiencing a strong economic recession. She comments that the remittances have a greater impact on the economy than large investments. She explained these trickle down to middle class and low-income Dominicans enabling them to cover their rising daily expenditures, and Dominicans who live overseas are investors in [...]
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