Dominican Leader Seeks to Guarantee that Latin America will be a Continent of the Middle Class

Dominican Leader Seeks to Guarantee that Latin America will be a Continent of the Middle Class
Santo Domingo, 12/07/2010

Dominican President, Leonel Fernández, stressed how important it was for Latin American governments and institutions to make this region the continent of the middle class. He made these statements about Latin America’s economic reality in a report called “Economic Perspectives of Latin America, 2011. To what extent is Latin America Middle Class?” The document was drawn up by the Development Center of the Organization for Economic Cooperation and Development (OECD).

“we must avoid, at all costs, the Latin American middle class socially succumbing to the onslaught of the financial crisis that has severely affected the world financial system.”

The study was presented at one of the meetings of the 20th Latin American Summit of Heads and State and Government held in Mar de Plata, Argentina President Fernández said that this would contribute “not only to achieve more development and social equity but would also strengthen institutions and improve health, education and access to jobs thus leading to increased buying power,” according to the Presidential Office of Information, Press and Publicity.

He warned that “we must avoid, at all costs, the Latin American middle class socially succumbing to the onslaught of the financial crisis that has severely affected the world financial system.” He added that immediate measures must be adopted to improve education, especially in the high school and post high school levels. 

He said that among the 200 most important universities in the world, as chosen by international jurors, there is not one Latin American university among them.

In economic and social areas, Fernández believes Latin America needs to undertake huge transformations. He said the applied post-industrial model of secondary education must be replaced by a model of expanded technology.

“Joint measures need to be adopted that will allow for a major integration of the region’s countries into policies adopted by the more advanced nations in order to make the world economic system more dynamic.”

President Fernández suggested the application of policies that invite Latin American governments to apply economic development policies with participatory economic mobility.

Global Financial Crisis

“In Latin America, not went bank went under, not on the level of solvency nor liquidity.”

 The Dominican Head of State pointed out that while the global financial crisis negatively impacted Latin America’s economies, not one Latin American bank went bust as a result. “In Latin America, not went bank went under, not on the level of solvency nor liquidity.”

Referring to the economic reality in the Dominican Republic, Fernández reported that the economy grew 3.5% in 2010 and is expected to grow between 7.6% and 7.8% in the coming year. “We have been fortunate in terms of economic growth in the Dominican Republic.”

Also speaking at the event was Enrique Iglesias, of the Ibero-American General Secretariat (SEGIB in Spanish), who recognized that Latin America has recovered economic growth in recent years.

Nevertheless, he recommended caution and suggested that Latin American governments continue working to improve living conditions for their inhabitants.
Angel Gurría, Secretary General of the Development Center of the Organization for Economic Cooperation and Development (OECD), highlighted the presence of Fernández at the presentation of the new report about the Latin American Economic Perspectives.

He said the Dominican president has been an active collaborator in the events and reports prepared by this organization. He announced that for next year they will continue strengthening the accords with the Dominican government and its institutions.