Dominican Republic Country Forecast October 2010 Dominican Republic
Dominican Republic: Country Forecast October 2010 Dominican Republic Editor: Stephen Keppel Editorial closing date: 10 th September 2010 Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Five-year forecast summary Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Five-year forecast summary The ruling Partido de la Liberación Dominicana (PLD) succeeded in expanding its legislative majority in the May 2010 legislative and municipal elections, and new election rules mean that the party will maintain this majority until 2016, enhancing political stability until at least the next presidential election in 2012. The Dominican Republic's business environment will continue to improve gradually during the forecast period, but the country will remain in the bottom third of the Economist Intelligence Unit’s global business environment rankings. Dominican economic growth will continue to outpace growth in the US and many countries in Latin America, but the rate will be much slower in the forecast period (2010 -14) at an annual average of just 4. 6%, compared with 7. 4% average annual growth in 2005 -09. Real GDP growth (%) Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Five-year forecast summary The forecast for market opportunities is mixed. GDP growth in US-dollar terms was weak in 2009, and market opportunities will be restricted by a gradual economic recovery and the country’s small population and low income per head during the rest of the forecast period. Prospects for long-term economic growth will be influenced by external factors and domestic policy reforms. The Dominican Republic will struggle to overcome structural constraints in human and physical capital, as well as in its governance institutions. However, assuming a continuation of generally cautious, market-oriented policies, the economy should expand steadily from 2012. Household consumption per head (US$) Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Business environment rankings Methodology Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: The political environment Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Political outlook Highlights The dominance of the ruling PLD should enhance political stability until at least 2012 while securing a moderate business-friendly agenda throughout the forecast period. Progress on energy sector and government efficiency reforms will be slow and piecemeal as weak institutional capacity and vested interests hold back progress. The new constitution bans consecutive presidential re-election but allows for unlimited nonconsecutive re-elections, meaning that the president, Leonel Fernández, cannot run in 2012 but could return in 2016. The battle to succeed him will dominate the political scene in 2010 -12. There are no clear successors within the PLD and the leadership battle could be contentious. Within the opposition Partido Revolucionario Dominicano (PRD), Miguel Vargas Maldonado, the 2008 presidential candidate, is the current party leader, but he has lost some popularity owing to the PRD’s poor performance in mid-term elections and will face challenges from rivals, especially from former president Hipólito Mejía (2000 -04). At this point in time, a PLD candidate would be the most likely winner, particularly if he or she receives the firm backing of Mr Fernández. Even if PRD were to win the presidency in 2012— which we believe to be unlikely—the broadly market-friendly policy stance would remain although stability could suffer. More from Views. Wire… Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Demographics Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Demographic outlook Population growth will be 1. 4% per year during the forecast period, slightly slower than in 2004 -08. Migration to the US and Spain will slow slightly, owing to high unemployment in these countries. Remittances from workers abroad will continue to support the economy of the Dominican Republic, although remittance inflows as a percentage of GDP will be weaker in the forecast period than during 2004 -08. The population of the Dominican Republic is still relatively young and the old-age dependency ratio will remain low. Although improvements in education spending and attainment will continue in 2010 -14, the quality of the labour force will still be undermined by low skills levels, and unemployment will remain in double digits. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: The business environment forecast Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Business environment outlook Our business environment rankings assess a country’s relative attractiveness as an investment location, both globally and regionally. Some progress on a backlog of structural reforms will result in a rise in the Dominican Republic's score, but it will remain in the bottom third in the regional and global rankings in 2010 -14. The country's attractiveness as an investment location is constrained by its small market size, frail institutional capacity, skills shortages and poor infrastructure. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Macroeconomic environment Like other small, open economies, the Dominican Republic will face a challenging policy environment during the early part of the forecast period, and its medium-term path will depend in large part on how fast the US economy recuperates. Economic growth will rebound in 2010 but average growth in the forecast period will be slower than in 2005 -09 owing to weaker growth in exports, remittances and domestic investment. On the domestic front, the banking sector has weathered the global storm better than expected thanks in part to more effective regulation since the 2003 banking crisis. Nevertheless, a shock to the system—triggered, for example, by a rapid depreciation of the Dominican peso—constitutes a persistent risk. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Fiscal policy Central government budget balance (% of GDP) Emergency financial support from multilaterals averted a fiscal financing crisis in 2009, but the underlying fiscal position will remain weak in 2010 -12, recovering gradually thereafter. Arrears to suppliers will continue to accumulate as structural weaknesses in the public finances are aggravated by the slow recovery in revenue and the inability of the authorities to rein in current spending. Fiscal spending will continue to rise during election years, particularly during the next presidential election in 2012. This will complicate plans to consolidate the public finances. The primary balance (excluding interest payments) will post a deficit of 1. 3% of GDP in 2010 and not reach a surplus until 2013 (when it will reach a surplus of 0. 8%). Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Monetary policy Money market interest rate (%) The Banco Central de la República Dominicana (BCRD, the Central Bank) will generally adopt an orthodox monetary stance over the forecast period, but will also be responsive to changing external conditions. Monetary policy will remain geared toward boosting credit growth during the early part of the forecast period, but we expect a gradual tightening of policy in 2011 -12. A spike in inflation could prompt the BCRD to raise policy rates earlier than expected, potentially leading to a sharper than forecast rise in commercial rates. IMF support has improved confidence and bolstered international reserves. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Policy towards private enterprise & competition 2010 -11: Implementation of legislation to increase transparency in public procurement is slow. Patchy implementation of a competition defence law. Tighter protection of property rights within the Dominican Republic-Central America Free-Trade Agreement (DR‑CAFTA). 2012 -14: Government works to improve competition policy and facilitate a more efficient business environment, but weak transparency and limited competition persist. State remains involved in electricity distribution. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Policy towards foreign investment 2010 -11: Liberal regulatory system towards foreign firms with attempts to attract foreign investment in information technology (IT) and business process outsourcing (BPO) sectors. DRCAFTA and other trade agreements gradually result in a more secure and transparent environment. Attracting foreign investment constitutes a key component of the country’s 2012 -14: development strategy. Discussions regarding the divestment of state-owned electricity companies begin. Foreign investment remains integral to policy mix. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Foreign trade and exchange controls 2010 -11: DR-CAFTA enhances trade and investment ties with the US and Central America. Economic Partnership Agreement (EPA) with the EU and the Caribbean Community (Caricom) gradually increases trade flows. Free-trade agreements (FTAs) with Canada and Mexico. Sporadic trade conflicts with neighbouring Caribbean countries. 2012 -14: Stable regulatory environment for trade and capital flows. Temporary taxes on imports and exports are possible. Institutional modernisation proceeds slowly. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Taxes 2010 -11: Increasing tax burden. There are numerous exemptions, but the IMF exerts pressure to reduce these. DR-CAFTA and EU EPA reduces taxes levied on foreign trade and efforts to fight tax evasion make progress. 2012 -14: Low income tax rates and the expansion of the public deficit before the election may require new tax reforms to increase revenue after May 2012. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Financing 2010 -11: A high degree of concentration in the financial system and supervisory shortcomings contribute to sustaining generally high lending costs. Still-tight international financing conditions continue to add some pressure to interest rates. 2012 -14: International financing conditions improve. Slow improvement in banking sector efficiency. Stockmarket continues to grow strongly, but will not provide a significant channel for equity finance. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: The labour market 2010 -11: High unemployment and low productivity. Fiscal constraints restrict efforts to improve education and health. The quality of the labour force is undermined by low skills levels. High levels of informality and low productivity persist. 2012 -14: Unemployment declines but is still high. Insufficient number of skilled workers fully to develop high-tech sectors. Scarcity of workers with secondary and university education limits productivity growth. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Infrastructure 2010 -11: Quality of physical infrastructure is uneven and often inadequate, except in telecommunications. Severe structural problems in the electricity industry persist. Some large-scale rail and highway projects begin, but financing them is difficult. 2012 -14: Further advances in telecoms. Other large-scale projects are proposed, but financing difficulties persist. Electricity industry is slow to improve, owing to a lack of investment. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: The economic forecast Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: International assumptions Economic growth (%) International conditions during the first half of the forecast period will be much less conducive to growth for the Dominican Republic than in 2004 -08. Although our baseline forecast assumes that the global economy has stabilised, higher risk aversion than in 2003 -07 and a shrinkage of the world's financial sector will have an impact on the Dominican Republic as foreign investors will find it more difficult to raise finance for infrastructure, tourism and communications projects—all key factors in recent economic growth. Commodity prices will be supported into the medium term by structural factors, maintaining some pressure on prices and providing little relief to the external accounts of import-dependent economies like the Dominican Republic. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Economic outlook (% real change) We expect the Dominican economy to continue to outperform the US and Latin American average growth rate, but real GDP growth will be much slower in the forecast period, at 4. 6% per year, than in the historical period, when growth averaged 7. 4% per year. Our forecast reflects a weak rebound in exports (as a result of both global dynamics and competitiveness issues) and only moderate growth in internal demand, owing to high unemployment, rising inequality and slower exchange inflows from tourism and remittances— major drivers of consumption growth in recent years. Services will continue to outperform industry, but the sector's expansion will be held back by the lack of skilled labour. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Wage and price inflation Consumer price inflation (%; annual av) We expect that the government will maintain relatively cautious economic polices over the forecast period after an easing cycle to stimulate the economy in 2009. Annual inflation has risen during 2010 on the back of higher oil prices and lower interest rates, but we expect a gradual easing in 2011 -14 to rates comfortably within the medium-term target range of 5‑ 7%. Oil prices will continue to have a strong influence on consumer prices, and if average annual prices were to rise significantly beyond forecast levels high inflation would return, with serious effects. After rising by 15% in 2009 the next minimum wage increase is set for 2011. Real wages for most public-sector workers will rise in the periods around elections. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Exchange rates With the current-account deficit and the gross financing requirement remaining substantial, the peso will depreciate moderately but steadily against the US dollar in nominal terms throughout the forecast period. The peso is expected to depreciate from around Ps 37: US$1 currently to Ps 41: US$1 in 2014. Reflecting still relatively high inflation, the real exchange rate will appreciate. Cautious economic policies, improved reserve coverage ratios and controlled inflation mean that the peso volatility of 2003 -04 is unlikely. But fragilities in the banking sector will contribute to pressures in the foreign-exchange market and could hit confidence. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: External sector (US$ bn unless otherwise indicated) The size of the current-account deficit will fluctuate with the cost of oil imports and the size of the trade deficit. We expect the current-account deficit to widen in 2010 to 7. 6% of GDP and remain high in 2011, owing to strong oil prices, before being relatively stable in 2012 -14 and averaging 5. 8% of GDP. The structural services surplus and income deficit will remain relatively stable (as a percentage of GDP) and the transfers surplus will continue on a downward trend (in GDP terms). The trade deficit will ease gradually (as a percentage of GDP) as exports rebound. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Foreign direct investment Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Foreign direct investment Stocks and flows Inflows of foreign direct investment (FDI) increased from an annual average of US$209 m in 1990 -94 to US$1 bn in 1998 -2002, owing to privatisation. FDI reached US$2. 2 bn in 2009, a decline from 2008 but up strongly from levels in 2007. In 2009 the stock of inward FDI was US$17. 9 bn (38. 5% of GDP), and that of outward FDI was US$59 m. The inward stock of FDI as a share of GDP is higher than in El Salvador and just below that of the sub -regional leader, Costa Rica. Inward foreign direct investment stock, 2010 (% of GDP) Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Foreign direct investment Determinants Efficiency-seeking investment in the free-trade zones (FTZs) and investment opportunities in tourism, real estate and mining are the main determinants. IT services and call centres are of increasing interest but the potential is unproven. Tax incentives, political stability, low wages and favoured access to the US market led US companies to move labour-intensive assembly operations to Dominican FTZs during the 1990 s. FDI in the tourism sector has grown rapidly since the late 1980 s. Initial foreign investment was tied to large all-inclusive resorts, attracted by the quality of the beaches and climate, adequate domestic management capacity and low wages. However, in recent years investment has focused on more lucrative luxury real estate complexes, flats and golf courses. Inward foreign direct investment stock per head, 2010 (US$) Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Foreign direct investment Potential A return to macroeconomic stability and a favourable regulatory environment should result in continued foreign investment in telecoms, tourism, manufacturing, construction and finance. FDI in the FTZs has eased in recent years and the government is now promoting higher-tech manufacturing, IT and BPO services. Although some investment in pharmaceuticals and electronics is likely to materialise, investment in other high-tech areas, such as BPO and call centres, will be limited by skills shortages and rise moderately during 2010 -14. Relative macroeconomic stability and a more favourable regulatory environment should result in higher foreign investment in tourism, real estate, construction, mining, telecoms, electricity and finance. Foreign investment will average US$2 bn in 2010 -14. Annual inflows of foreign direct investment (US$ m) Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Market opportunities Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Market opportunities GDP per head (US$ at PPP) Market opportunities will be restricted by the country’s small population and low income per head. The population is forecast to reach 10. 2 m by 2014 and GDP per head is expected to reach US$13, 664 (at PPP), or around 15% of the average for western Europe. The size of the Dominican market will expand by 34. 5% in current US dollar terms between 2010 and 2014, as GDP growth rates strengthen in the medium term. But this strong growth will not be enough to increase market opportunities significantly. Income inequalities will persist and consumers in the lower- and middle-class brackets will continue to face high interest rates. High-income consumers will enjoy easier access to credit in US dollars at lower interest rates, accentuating market segmentation. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: The long-term forecast Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Long-term outlook Real GDP growth (% annual change) The Dominican Republic has significant assets that have made it one of the fastest-growing countries in the region in the last few decades. However, advances in human development have been disappointing, which has restricted growth in labour productivity. We expect a move up the value chain for the FTZ sector, but this will be gradual and will require significant improvements in human capital and infrastructure. Despite advances in the past decade, the country's institutions are below international standards. Structural economic problems, including a small domestic market, an unreliable energy sector, weak institutions and poor advances in human development will limit long-term growth. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Long-term outlook Demographic trends: Population growth will gradually slow as increasing opportunities for women in the labour market contribute to a fall in the birth rate. Until 2020 labour supply will grow faster than population growth, at an annual average rate of 1. 5%. As job creation in the formal sector expands at a slower rate, unemployment will remain high, dampening real wage growth. This will keep the informal sector growing and will encourage Dominicans to migrate to the US and European countries where they have family ties. External conditions: Economic performance has been closely tied to fluctuations in external economic and financial conditions. DR-CAFTA has extended economic dependence on the US, but agreements with Latin America, Europe and Asia will continue to help to diversify trade. If the US economy underperforms, the Dominican Republic will feel the impact through lower workers’ remittances, manufacturing exports and tourism arrivals. Tougher immigration policies in the US would also hit the country. The large external financing requirement exposes the economy to a freeze in international capital markets. Long-term performance: In common with other countries in the Caribbean Basin, the Dominican Republic will continue to struggle to find a thriving niche in the global economy and a lack of reforms to improve competitiveness will limit future growth. Improvements will be made but economic growth will be highly dependent on the expansion of labour and capital. As the growth of labour supply decreases with changing demographics and capital accumulation does not keep up, GDP growth will ease. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Long-term outlook GDP per head (US$ at PPP; index, US=100) Nominal GDP (US$ at PPP; index, Dominican Republic=100) Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Resources Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Map Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Comparative GDP, 2009 Gross domestic product (US$ bn; market exchange rates) Country Forecast October 2010 Gross domestic product per head (US$; market exchange rates) © The Economist Intelligence Unit Limited 2010
Dominican Republic: Basic data Land area Population Climate Weather in Santo Domingo Language Currency Time Public holidays 48, 511 sq km 9. 3 m (2007 Central Bank estimate) Subtropical Hottest month, August, 23 -31°C (average daily minimum and maximum); coldest month, February, 19 -28°C; driest month, March, 19 mm average rainfall; wettest month, June, 185 mm average rainfall Spanish 1 peso (Ps)=100 centavos 4 hours behind GMT January 1 st, 6 th, 21 st and 26 th; February 27 th (Independence Day); Good Friday; May 1 st; Corpus Christi; August 16 th (Restoration Day); September 24 th; November 6 th (Constitution Day); December 25 th Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominicanenvironment Republic: rankings: Methodology Business Outline of the model The business rankings model measures the quality or attractiveness of the business environment in the 82 countries covered by Country Forecasts using a standard analytical framework. It is designed to reflect the main criteria used by companies to formulate their global business strategies, and is based not only on historical conditions but also on expectations about conditions prevailing over the next five years. This allows the Economist Intelligence Unit to utilise the regularity, depth and detail of its forecasting work to generate a unique set of forward-looking business environment rankings on a regional and global basis. The business rankings model examines ten separate criteria or categories, covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure. Each category contains a number of indicators that are assessed by the Economist Intelligence Unit for the last five years and the next five years. The number of indicators in each category varies from five (foreign trade and exchange regimes) to 16 (infrastructure), and there are 91 indicators in total. Almost half of the indicators are based on quantitative data (eg, GDP growth), and are mostly drawn from national and international statistical sources for the historical period (2005 -09) and from Economist Intelligence Unit assessments for the forecast period (2010 -14). The other indicators are qualitative in nature (eg, quality of the financial regulatory system), and are drawn from a range of data sources and business surveys adjusted by the Economist Intelligence Unit, for 200509. All forecasts for the qualitative indicators covering 2010 -14 are based on Economist Intelligence Unit assessments. The main sources used in the business rankings model include CIA, World Factbook; Economist Intelligence Unit, Country Risk Service, Country Finance, Country Commerce; Freedom House, Annual Survey of Political Rights and Civil Liberties; Heritage Foundation, Index of Economic Freedom; IMF, Annual Report on Foreign Exchange Restrictions; International Institute for Management Development, World Competitiveness Yearbook; International Labour Organisation, International Labour Statistics Yearbook; UN, Human Development Report; US Social Security Administration, Social Security Programs Throughout the World; World Bank, World Development Report; World Development Indicators; World Economic Forum, Global Competitiveness Report. Back to Rankings Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominicanenvironment Republic: rankings: Methodology Business Calculating the rankings The rankings are calculated in several stages. First, each of the 91 indicators is scored on a scale from 1 (very bad for business) to 5 (very good for business). The aggregate category scores are derived on the basis of simple or weighted averages of the indicator scores within a given category. These are then adjusted, on the basis of a linear transformation, to produce index values on a 1 -10 scale. An arithmetic average of the ten category index values is then calculated to yield the aggregate business environment score for each country, again on a 1 -10 scale. The use of equal weights for the categories to derive the overall score reflects in part theoretical uncertainty about the relative importance of the primary determinants of investment. Surveys of foreign direct investors' intentions yield widely differing results on the relative importance of different factors. Weighted scores for individual categories based on correlation coefficients of recent foreign direct investment inflows do not in any case produce overall results that are significantly different to those derived from a system based on equal weights. For most quantitative indicators the data are arrayed in ascending or descending order and split into five bands (quintiles). The countries falling in the first quintile are assigned scores of 5, those falling in the second quintile score 4 and so on. The cut-off points between bands are based on the average of the raw indicator values for the top and bottom countries in adjacent quintiles. The 2005 -09 ranges are then used to derive 2010 -14 scores. This allows for intertemporal as well as cross-country comparisons of the indicator and category scores. Measurement and grading issues The indices and rankings attempt to measure the average quality of the business environment over the entire historical or forecast period, not simply at the start or at the end of the period. Thus in the forecast we assign an average grade to elements of the business environment over 2010 -14, not to the likely situation in 2014 only. The scores based on quantitative data are usually calculated on the basis of the numeric average for an indicator over the period. In some cases, the "average" is represented, as an approximation, by the recorded value at the mid-point of the period (2007 or 2012). In only a few cases is the relevant variable appropriately measured by the value at the start of the period (eg, educational attainments). For one indicator (the natural resources endowment), the score remains constant for both the historical and forecast periods. Back to Rankings Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Note. A single asterisk (*) denotes scores based on quantitative indicators. Indicators with a double asterisk (**) are partly based on data. All other indicators are qualitative in nature. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Note. A single asterisk (*) denotes scores based on quantitative indicators. Indicators with a double asterisk (**) are partly based on data. All other indicators are qualitative in nature. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Note. A single asterisk (*) denotes scores based on quantitative indicators. Indicators with a double asterisk (**) are partly based on data. All other indicators are qualitative in nature. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Note. A single asterisk (*) denotes scores based on quantitative indicators. Indicators with a double asterisk (**) are partly based on data. All other indicators are qualitative in nature. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Note. A single asterisk (*) denotes scores based on quantitative indicators. Indicators with a double asterisk (**) are partly based on data. All other indicators are qualitative in nature. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Note. A single asterisk (*) denotes scores based on quantitative indicators. Indicators with a double asterisk (**) are partly based on data. All other indicators are qualitative in nature. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Note. A single asterisk (*) denotes scores based on quantitative indicators. Indicators with a double asterisk (**) are partly based on data. All other indicators are qualitative in nature. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Note. A single asterisk (*) denotes scores based on quantitative indicators. Indicators with a double asterisk (**) are partly based on data. All other indicators are qualitative in nature. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Note. A single asterisk (*) denotes scores based on quantitative indicators. Indicators with a double asterisk (**) are partly based on data. All other indicators are qualitative in nature. Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
Dominican Republic: Indicator scores in the business rankings model Out of 12 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru and Venezuela. a Country Forecast October 2010 © The Economist Intelligence Unit Limited 2010
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