The economic curve of the Dominican Republic
SANTO DOMINGO.-Even though the economy of the Dominican Republic was "shielded" according to the government, the government recognized in November that the economic crisis in the United States would be felt in the country.
It was in Casa de Campo, during the seminar "The emerging world financial order" that President Fernandez said that he felt indignation regarding the avarice that took the world to a crisis that nobody knows how it will end.
After several weeks of insisting that he had confidence that the crisis would not affect the country, even going so far as to say that the economy was "shielded", the leader warned that 2009 would be hard and difficult in all the sectors due to the influence of the global financial crisis.
During this seminar, Fernandez also warned about the possible creation of a structural crisis that could appear in the United States with the deepening of the deficit in the balance of payments.
On 4 December, the Falconbridge mining company cancelled approximately 900 workers who represented 54% of all of the employees that worked in the extraction of ferro-nickel, and all of whom are residents of Monsignor Nouel province.
On 14 December the National Union of Free Zone Workers announced that more than 4000 Dominicans were fired by free zone companies due to the difficulties they faced in the sector because of the financial crisis. In spite of the fact that the International Monetary Fund hinted at the strength of the economy, Dominican workers are conscious that they are looking into the mirror of the unemployed, and precisely at Christmas time. The threats are seen in the faces of Dominicans going into the New Year, in spite of the optimism that President Fernandez and his associates speak about. Among these, the Superintendent of Banks, Rafael Camilo, says that the macroeconomic indicators of the country will remain stable in 2009 and that the economy will not enter a recession in spite of recognizing that the effects of the international crisis will be reflected with greater intensity.
As in other years, during 2008 the blackouts and their causes and effects were always in the headlines and were a constant task for the administration of President Leonel Fernandez.
In March, protests over blackouts began in Santiago, while in April a newspaper headline told everyone that "blackouts affect the province of Santo Domingo."
Nevertheless, the energy crisis became more pronounced in August. Between October and the beginning of November it reached its most critical point, when 18 hour blackouts were common.
It was in Casa de Campo, during the seminar "The emerging world financial order" that President Fernandez said that he felt indignation regarding the avarice that took the world to a crisis that nobody knows how it will end.
After several weeks of insisting that he had confidence that the crisis would not affect the country, even going so far as to say that the economy was "shielded", the leader warned that 2009 would be hard and difficult in all the sectors due to the influence of the global financial crisis.
During this seminar, Fernandez also warned about the possible creation of a structural crisis that could appear in the United States with the deepening of the deficit in the balance of payments.
On 4 December, the Falconbridge mining company cancelled approximately 900 workers who represented 54% of all of the employees that worked in the extraction of ferro-nickel, and all of whom are residents of Monsignor Nouel province.
On 14 December the National Union of Free Zone Workers announced that more than 4000 Dominicans were fired by free zone companies due to the difficulties they faced in the sector because of the financial crisis. In spite of the fact that the International Monetary Fund hinted at the strength of the economy, Dominican workers are conscious that they are looking into the mirror of the unemployed, and precisely at Christmas time. The threats are seen in the faces of Dominicans going into the New Year, in spite of the optimism that President Fernandez and his associates speak about. Among these, the Superintendent of Banks, Rafael Camilo, says that the macroeconomic indicators of the country will remain stable in 2009 and that the economy will not enter a recession in spite of recognizing that the effects of the international crisis will be reflected with greater intensity.
As in other years, during 2008 the blackouts and their causes and effects were always in the headlines and were a constant task for the administration of President Leonel Fernandez.
In March, protests over blackouts began in Santiago, while in April a newspaper headline told everyone that "blackouts affect the province of Santo Domingo."
Nevertheless, the energy crisis became more pronounced in August. Between October and the beginning of November it reached its most critical point, when 18 hour blackouts were common.