
SANTO DOMINGO, September 16, 2009.- The JP Morgan Bank's vice president for emergent markets yesterday affirmed that Dominican Republic excels in economic stability, that next year's perspective is favorable, although a doubt persists that the government can maintain governance if it loses the congressional majority in the 2010 elections.
Franco Uccelli, the third most important executive of the bank based in the United States and the world's oldest, with US$1.3 billion in assets, forecasts the Dominican economy will grow 2% this year and 4.5% in 2010, well below the 9.5% average from 2005 to 2007.
Speaking before business leaders, Uccelli said more money is spent in national elections than what's budgeted, a waste he said may affect the fiscal cost in the coming year.
The economist is in favor of an agreement with the International Monetary Fund (IMF), and noted that it may increase the levels of confidence on the Government in the international markets.
He said with the currency the agreement may produce would make it unnecessary to issue sovereign bonds in the billions of dollars.