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COUNTRY INSIGHTS

​First arrests in the Odebretch case
DOMINICAN REPUBLIC · In Brief · 29 May 2017

As we finalize our quarterly report, the Office of the General Prosecutor ordered the first arrests in the Odebretch case. So far, 12 persons are currently in custody (or about to be) and will be charged: Angel Rondón: entrepreneur who supposedly acted as the middleman in the bribery scheme. Andr...

Q1 2017 GDP growth rate: 5.2%
DOMINICAN REPUBLIC · In Brief · 09 May 2017

The Central Bank announced yesterday that real GDP growth rate for Q1 reached 5.2%, compared to Q1 2016. The figure is in line with prospects of a moderate decline in growth for 2017. Finance, agriculture, construction and tourism led economic expansion during the period. Although it is a lower r...

Growing Anti-Corruption Movement Pressures the President
DOMINICAN REPUBLIC · Report · 04 May 2017 · 1 response

The anti-corruption movement known as the Green March is growing in size and strength, and the government is feeling the heat. Protestors are demanding that investigations accelerate, and have accused the Attorney General of negligence, bias and taking orders from President Danilo Medina and his ...

OK given to an agreement between Odebretch and the Office of the General Attorney
DOMINICAN REPUBLIC · In Brief · 20 Apr 2017

In what can be interpreted as a victory for the government, yesterday a judge approved the terms of an agreement between Odebretch and the Office of the General Attorney through which the firm accepts to cooperate with the investigation on kickbacks on infrastructure projects and agrees to pay a ...

Central Bank set the budget deficit at 2.8% of GDP, 0.5 points above target
DOMINICAN REPUBLIC · In Brief · 19 Apr 2017

The Central Bank has released its preliminary report of the performance of the economy of the Dominican Republic in 2016. Although figures for aggregate GDP growth, employment, inflation, external accounts and monetary aggregates are not different from what it has been made public before, the ban...

Monetary Policy Rate increase
DOMINICAN REPUBLIC · In Brief · 09 Apr 2017

A few days ago the Central Bank announced an increase of 25 basis points in its Monetary Policy Rate (MPR), from 5.50% to 5.75%. Likewise, it increased the rate for short-term deposits from 4.00% to 4.25% and that of repos from 7.00% to 7.25%. Although the increase was small, this is the second i...

Government Seen as Dragging its Feet on Odebrecht Prosecutions
DOMINICAN REPUBLIC · Report · 29 Mar 2017

Corruption in general and the Odebrecht case in particular continue to dog both the ruling PLD and the political system. The image of Danilo Medina´s government has deteriorated, and recent events suggest that the top level of the PLD has begun to fracture. The justice system has been unable to c...

Medina’s Popularity Sinks Amid Corruption Scandals
DOMINICAN REPUBLIC · Forecast · 03 Mar 2017

The most awaited and reputable poll in the country has confirmed what many suspected: that President Danilo Medina's approval ratings have plummeted, with the public pointing fingers at the biggest political parties and several prominent political figures over corruption, and illegal enrichment o...

Odebrecht Bribery Scandal Shakes Government and Society
DOMINICAN REPUBLIC · Report · 31 Jan 2017

The revelations from the Lava Jato investigations in Brazil, and from a U.S. Department of Justice investigation into illegal practices of Brazilian companies, are shaking the continent, and the Dominican Republic, too. The hottest topic is an extensive bribery scheme that the Odebrecht construct...

Fiscal accounts off target
DOMINICAN REPUBLIC · Report · 26 Dec 2016

GDP is likely to close 2016 with a 6.7% increase with respect to 2015. From January thru September, GDP growth reached a remarkable 6.9%. We estimate that in Q4 it will clinch at 6.5%. Inflation remains very low and the annual rate is likely to close below a third of the lower range of the tar...

A recognition of fiscal misalignment
DOMINICAN REPUBLIC · In Brief · 12 Dec 2016

On December 9, the Executive presented to the Senate a bill to modify the budget for 2016. The bill includes a request for authorization of issuance of securities for DOP 11.8 bn or USD 253 million. Of these, USD 100 million are intended to finance operations for the construction of Punta Catalin...

Trump-Inspired Damage is Unlikely
DOMINICAN REPUBLIC · Forecast · 29 Nov 2016

Despite uncertainties surrounding the policies of U.S. President-elect Donald Trump, we don’t expect the effects on the Dominican economy to be dramatic, over either the short or the medium term. Expansionary fiscal policies aimed at strengthening U.S. infrastructure could boost demand and attrac...

Seeking Money, While Putting Fiscal Reform on Ice
DOMINICAN REPUBLIC · Report · 28 Oct 2016

Q1-Q3 GDP growth was once again remarkable: up 6.9%, compared with the same period in 2015, according to preliminary Central Bank estimates. The Dominican Republic continues to lead growth in Latin America and the Caribbean. CPI rose only 0.04%, putting accumulated inflation for the year throu...

Not much new in proposed budget bill for 2017; no change in deficit of the NFPS
DOMINICAN REPUBLIC · In Brief · 03 Oct 2016

Last week, the Council of Ministers, headed by President Medina approved the proposed budget bill for 2017, which will be presented to Congress in the coming days. The official document of the budget still has not been published (it will at any time) so there is not much information available. Ho...

Chances of Meeting Deficit Target Diminish
DOMINICAN REPUBLIC · Report · 27 Sep 2016

We expected this year’s powerful capital spending expansion through April to be followed by sharp contraction, as authorities aimed to hit the 2.3% of GDP 2016 deficit target. But that didn’t happen – and we now have doubts that the government will be able to meet the target. Public investment...

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