Santo Domingo. - The Dominican economy is not in recession, though affected by the crisis in the United States and the European Union, said Hacienda minister Vicente Bengoa Thursday.
The official said if the country was in an economic recession its Gross Domestic Product would decline in two consecutive quarters. “I want to clarify that I at no time have said the Dominican economy is in recession, and the most evident test that it isn’t so is that the Gross Domestic Product hasn’t decreased in any quarter.”
Bengoa affirmed that the Dominican economy, as those of the rest of the world, is affected only by the recession in the United States and the European Union. “Like I’ve said the country isn’t on the Moon.”
He reiterated that the reason tax revenues were 1.3 billion less than expected is because in the first quarter of 2008 the country was affected by the strongest external shock in the last 20 years.
Written by: Gringo_1, 6 Feb 2009 8:01 AM
From: Dominican Republic, Maimon (Bonao)
This guy is kidding, right?
From: Cuba, it is a secret the censors are looking for me
This is more economist double talk ....We need dread and his magic 8 ball to clue us in
From: Cuba, it is a secret the censors are looking for me
these guys can take data and statistics and make them say anything they want .....Just ask dread ....that is why he uses the magic 8 ball when he really wants the truth
From: Cuba, it is a secret the censors are looking for me
If you blow the photo up very large you can see him {Dread} selling mamajuana in the shadows
Written by: Jander, 6 Feb 2009 8:47 AM
From: Dominican Republic
Maybe they don't understand what a recession is ?
What's the Dominican word for "in the crapper"
From: United States
GC, the is not mamajuana i am selling. it is morir sonando. at least, let's strive for accuracy and truth.
Written by: Jander, 6 Feb 2009 8:54 AM
From: Dominican Republic
By world standards this country has never been out of a recession, meaning it is 3rd world or now days "developing" stupid article stupid statement..
.
From: United States, Washington
This guy is holding onto a technical definition... If the GDP hasn't declined in two consecutive quarters, for surely it has SLOWED down.
We need a better gauge of economic progress and growth. Looking at the numbers either in booms or bust doesn't allow us to truly appreciate the dynamics of what is going on. Statistics is a way of masking reality away from the true effects of socio-pol-econ events. When one hears "there's no recession," then one asks, what about all those Laid-off workers, or fall in remittances, or fall in # of tourists, or lack of job opportunities...
But even more deceiving is when the news is positive; e.g., "Record GDP Growth," or "Banks Reach new Profit Record." In this case, one needs to then ask, how are the benefits of these positive econ. news materializing in the lives of everyday citizens. Has inequality gone up? Are profits being expatriated?
It amazes me how some of us can be skeptical of certain soc-pol-econ phenomena, yet readily buy
From: United States
once again, the catchword GDP is used to explain all things. GDP is simply the aggregate of the following activities in a country within an accounting period
C-= CONSUMPTION
I-INVESTMENT
N=NET EXPORTS
G=GOVERNMENT SPENDING.
it does not take a rocket scientist to figure that two countries can have the same numerical aggregates, but one economy will be in better shape than the other. a country with a high level of investment, high level of net exports, and lower levels in the other two categories is better poised to develop than one with low investment, low net exports, but profligate government spending, and orgiastic consumption. so then, which one are we?
From: United States, Washington
..propaganda and ideology based on flawed assumptions.
When one thinks of great thinkers: Smith, Mill, Locke, Marx... Keynes... Krugman ;-) These, among sooooo many others, scholars we hold in revered places ALL warned against markets and the inequality they produce, and the need for an active state to safeguard the rights of citizens - the ECONOMIC rights.
I don't know what's my point, except, lets not be so gullible and assume that everything that shine is gold, or that every profit made by banks, mines, resorts, or any industry will benefit the population at large... People are greedy, and the "owners" will hoard profits as much as they can, pay workers as little as humanly possible, and the gov. who is in bed w/ these folks, will let this all happen and allow the "owners" to ship their profits to Madrid, Miami, or Grand Cayman... And the campesino, the school children, or the kids graduating college, are no better off...
Written by: josean, 6 Feb 2009 9:12 AM
From: United States
Has Lie-onel hired Phil Gram?
From: United States, Washington
BTW - I used the term "owners" in order not to use the word "capitalists." Some people still refused to acknowledge that economic classes are real, and that the interests of one, don't necessarily benefit the other.
From: United States
Baldoria, i cannot understand why it is that people continue to refer to the "free market", when the cost of the most important component, MONEY, is set by the central bank, and not by the so called "invisible hand of the market".
From: United States
Oh lord. Another clueless moron.
If that was the only variable to the finance equation we would all be economists.
The US has now agreed that the situation is as bad as 1929 and even they are afraid to use the word depression.
From: United States
gmiller, i beg to differ. last evening, on tv, the word "depression'was receiving quite a bit of airplay. when the prediction is for in excess of 600,000 job losses this month, and there is no end in sight, the crap has hit the fan.
From: United States
dread, I stand corrected.
I try not to listen to the US spin doctors, positive or not.
From: United States
gmiller, to put it in its most digestible form; things are UGLY out there. and, only a simpleton, such as the guy in the picture, does not understand what this portends for countries such as this, in these globalized times.
Written by: Edward, 6 Feb 2009 9:47 AM
From: United States, Faux News: Unfair Imbalance
Not in recession? So how do they explain the GDP per capita purchasing power going from $9,000 down to $8,000?
From: United States
be careful with these forays into economic terminology, Edward, lest you trip yourself up . it is a little more intricate than that.
From: Cuba, it is a secret the censors are looking for me
Fast Eddy from lemster always remember dread uses the Magic 8 ball for his economic analysis
From: United States, Reality Check
So, the high vacancy rates in resort hotels, layoffs & closures in the Santiago free trade zones mean what? An economic expansion?
Well, one thing is true if you count the money that is laundered from shipping 80 tons of cocaine to the USA annually then it is true the RD economy is NOT contracting! This does not include the amount of drugs shipped to Canada & the EU.
Keep in mind, all of this continues to happen right under the noises of our US Embassy officials which also include at least 40 US DEA agents and many DHS agents as well. While the US system has been bogged down with a 4 year old Paulino case; the new players and rising stars in the drug game continue to gain wealth, firearms & real estate! All this happens because even when both RD & USA officials are give clear cut leads on drug houses, points & names of known career criminals like CHOPPO PICHARDO in Santiago's Ensanche Caonabo barrio .. the US officials stay IMPOTENT as DNCD take drug profits.
From: United States
Dominican Officials: DR IS Recession Proof.
Dominican Officials: DR Is Not Recession Proof.
Dominican Officials: DR Economy is down 5%
Dominican Officials: DR Economy is up 6%
Dominican Officials: Sometimes we cross and change our minds....
I get it!!!! You've got no idea what the heck you are talking about! Get your S***T together!
Written by: tejada, 6 Feb 2009 2:42 PM
From: United States
it's all a misunderstanding... what they mean is that they're so used to being in a recession that it doesn't even feel like a recession anymore.
Written by: corky01, 6 Feb 2009 6:17 PM
From: United States
Its not a recession - it's a a depression. Semantics.
From: Cuba, it is a secret the censors are looking for me
From: United States
In reality the US was in a recession back Dec 2007 but the repudiated Bush Admin decided to forestall declaring a recession in fear of rattling a hornets nest and causing fear in the market crippling consumer confidence. It doesn't surprise me that DR is copying the same strategy, something we are good at.
But regarding GDP Dreads its my understanding that consumption is based on the sale of final goods and services. But it doesn't take in account the inventories of these goods stock piled or excess production.
So having said, Are producers lying about production and inventories. Is the Government lying? Or both? They are "Acting in own self interest".
From: Cuba, it is a secret the censors are looking for me
Dread will now go to the Magic 8 ball for the answer
From: United States
you are correct, ladronaso. it is a figure based on money spent. inventory is not expenditure, but really a cost, since it ties up liquidity, and incurs a cost to store.
From: United States, Orange County, California
Dominican economic is always in reception because most of the basic products never meet demand and because of huge speculation in the market. Also add the discontent of the population with the government.
From: United States
ref::: ZonaDominicana, 7 Feb 2009 2:20 PM
From: United States, San Diego, California
Dominican economic is always in reception because most of the basic products never meet demand and because of huge speculation in the market
==================
I would like to correct your statement "...and because of huge speculation in the market"
No, not speculation but Manipulation.
Written by: abc200, 10 Feb 2009 4:11 AM
From: United Kingdom, Dominican Republic
a Vietnamese friend describes Vietnam reaction to recession:
"
But from my observation : Vietnam people live with minimum needs : food, colothes, payment for education, health care - small ( They can do not receive the treatment with high price ).No travelling every year.
They cook them self and have party at home - It will be cheap.
Vietnam still not connect with world's financial system : we use cash for daily expenditure.only officials use ATM for salary .Few families use the International banking and financial services ...
When the economy down they develop self- supply system : instead of electricity and Gas ,they may use other resource for energy like coal, woods and kerosene cover of rice for cooking ...
It it Now in Hanoi they plant the vegetables in the small - light box in the emty places any where ( Vietnamnet newspaper ) , they bring up the chickens for taking eggs ...
I think all this like self supply economy, it a litlle isolated from the world .
Written by: abc200, 10 Feb 2009 4:24 AM
From: United Kingdom, Dominican Republic
end of quote
It will be interesting to see if DR develops the same way if there is a reduction of income from manucturing, mining, tourism, remittances from US etc. Imported beef seen in supermarkets can be replaced by small scale prduced pork and chicken for example. The present DR governments policy of setting up farmers markets is good. In some countries barter is common in markets - in others local currencies have been set up.
S.
From: Cuba, it is a secret the censors are looking for me
From: Cuba, it is a secret the censors are looking for me
Viva Franco Viva Espana !
Written by: abc200, 10 Feb 2009 10:30 AM
From: United Kingdom, Dominican Republic
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What's the Dominican word for "in the crapper"
.
We need a better gauge of economic progress and growth. Looking at the numbers either in booms or bust doesn't allow us to truly appreciate the dynamics of what is going on. Statistics is a way of masking reality away from the true effects of socio-pol-econ events. When one hears "there's no recession," then one asks, what about all those Laid-off workers, or fall in remittances, or fall in # of tourists, or lack of job opportunities...
But even more deceiving is when the news is positive; e.g., "Record GDP Growth," or "Banks Reach new Profit Record." In this case, one needs to then ask, how are the benefits of these positive econ. news materializing in the lives of everyday citizens. Has inequality gone up? Are profits being expatriated?
It amazes me how some of us can be skeptical of certain soc-pol-econ phenomena, yet readily buy
C-= CONSUMPTION
I-INVESTMENT
N=NET EXPORTS
G=GOVERNMENT SPENDING.
it does not take a rocket scientist to figure that two countries can have the same numerical aggregates, but one economy will be in better shape than the other. a country with a high level of investment, high level of net exports, and lower levels in the other two categories is better poised to develop than one with low investment, low net exports, but profligate government spending, and orgiastic consumption. so then, which one are we?
When one thinks of great thinkers: Smith, Mill, Locke, Marx... Keynes... Krugman ;-) These, among sooooo many others, scholars we hold in revered places ALL warned against markets and the inequality they produce, and the need for an active state to safeguard the rights of citizens - the ECONOMIC rights.
I don't know what's my point, except, lets not be so gullible and assume that everything that shine is gold, or that every profit made by banks, mines, resorts, or any industry will benefit the population at large... People are greedy, and the "owners" will hoard profits as much as they can, pay workers as little as humanly possible, and the gov. who is in bed w/ these folks, will let this all happen and allow the "owners" to ship their profits to Madrid, Miami, or Grand Cayman... And the campesino, the school children, or the kids graduating college, are no better off...
Oh lord. Another clueless moron.
If that was the only variable to the finance equation we would all be economists.
The US has now agreed that the situation is as bad as 1929 and even they are afraid to use the word depression.
I try not to listen to the US spin doctors, positive or not.
Well, one thing is true if you count the money that is laundered from shipping 80 tons of cocaine to the USA annually then it is true the RD economy is NOT contracting! This does not include the amount of drugs shipped to Canada & the EU.
Keep in mind, all of this continues to happen right under the noises of our US Embassy officials which also include at least 40 US DEA agents and many DHS agents as well. While the US system has been bogged down with a 4 year old Paulino case; the new players and rising stars in the drug game continue to gain wealth, firearms & real estate! All this happens because even when both RD & USA officials are give clear cut leads on drug houses, points & names of known career criminals like CHOPPO PICHARDO in Santiago's Ensanche Caonabo barrio .. the US officials stay IMPOTENT as DNCD take drug profits.
Dominican Officials: DR Is Not Recession Proof.
Dominican Officials: DR Economy is down 5%
Dominican Officials: DR Economy is up 6%
Dominican Officials: Sometimes we cross and change our minds....
I get it!!!! You've got no idea what the heck you are talking about! Get your S***T together!
But regarding GDP Dreads its my understanding that consumption is based on the sale of final goods and services. But it doesn't take in account the inventories of these goods stock piled or excess production.
So having said, Are producers lying about production and inventories. Is the Government lying? Or both? They are "Acting in own self interest".
From: United States, San Diego, California
Dominican economic is always in reception because most of the basic products never meet demand and because of huge speculation in the market
==================
I would like to correct your statement "...and because of huge speculation in the market"
No, not speculation but Manipulation.
"
But from my observation : Vietnam people live with minimum needs : food, colothes, payment for education, health care - small ( They can do not receive the treatment with high price ).No travelling every year.
They cook them self and have party at home - It will be cheap.
Vietnam still not connect with world's financial system : we use cash for daily expenditure.only officials use ATM for salary .Few families use the International banking and financial services ...
When the economy down they develop self- supply system : instead of electricity and Gas ,they may use other resource for energy like coal, woods and kerosene cover of rice for cooking ...
It it Now in Hanoi they plant the vegetables in the small - light box in the emty places any where ( Vietnamnet newspaper ) , they bring up the chickens for taking eggs ...
I think all this like self supply economy, it a litlle isolated from the world .
It will be interesting to see if DR develops the same way if there is a reduction of income from manucturing, mining, tourism, remittances from US etc. Imported beef seen in supermarkets can be replaced by small scale prduced pork and chicken for example. The present DR governments policy of setting up farmers markets is good. In some countries barter is common in markets - in others local currencies have been set up.
S.
http://www.crimesofwar.org/onnews/news-spain.html
.S.