The Economic Commission for Latin America and the Caribbean (Cepal) will close in 2024 with a projected growth of 5.2%leading the region, while its neighbour, Haiti, will experience a contraction of -3%.
In the framework of the presentation of the Economic Study of Latin America and the Caribbean 2024, Daniel Titelman, director of the Economic Development Division of the organization, highlighted that Dominican Republic is among the countries with the highest growth in the region in recent years, with an average higher than that of the region, located at 1.8%.
This sustained growth has been a remarkable achievement for the Caribbean country, influenced by foreign direct investment, tourism and remittances. However, Quisqueya faces challenges in labor issues Like the rest of the economies in the region, the executives of the multilateral organization stated.
The report of the Cepal He points out as one of the challenges for the Dominican Republic the effective transition of informal sector workers to the formal sector, Titelman said. Most of the country’s job creation has occurred in lower-productivity sectors, which has impacted overall economic performance.
To face this challenge, Titelman said that the country will need to implement more robust labor policies that promote higher quality and more productive jobs, with public policies that raise the quality of education and encourage the closing of gender-based employment gaps.
Tackling climate change requires international cooperation
Regarding climate change, Titelman emphasized the need for international aid so that the Dominican Republic and other countries in the region can face this global challenge. “Climate change is a phenomenon that must be addressed in a comprehensive manner. In Latin America, a comprehensive approach is required.” investment equivalent to between 5 and 8 points of GDP (gross domestic product), in a region that currently invests very little,” he explained.
The international cooperation will be essential to increase investment in climate issues, reduce global warming and decrease emissions. This effort is not only crucial for environmental sustainability, but also to maintain the pace of economic growth and protect the most vulnerable sectors of the Dominican economy.
In addition to economic growth and adaptation to climate change, Titelman highlighted the importance of education as a key strategy to break with the levels of labor and sectoral inequality in the region. “The Cepal has been addressing the Education as a fundamental pillar for sustainable development,” he said.
