DR: Bleak economic outlook for Haiti and DR

The Dominican Republic and Haiti are among the few cases for whom the 2004 economic outlook is bleak, says the Economic Commission for Latin America and the Caribbean (ECLAC-CEPAL). The average growth for Caribbean nations is estimated at 2.9%, slightly less than last year. The Dominican Republic is the only country expected to have negative growth at –1% in 2004.

The average growth of the Gross Domestic Product (GDP) for the Latin American and Caribbean region in 2004 is estimated at 4%. This is good news after five years of stagnated growth in the region. ECLAC says that the new augmentation is the result of increased exports, as demand for basic products from the region has generated increases in their prices. The improvement is also being attributed to the expected 4.5% growth of the US economy, a major importer of Latin American goods.

Both countries have this in common, in contrast to the English-speaking Caribbean -- high illiteracy and poverty rates.