Santo Domingo.- President Luis Abinader of the Dominican Republic announced a notable decrease in the country’s poverty rate, marking a 23.4% reduction from April to June 2023, reaching the lowest level since 2016. This significant development aligns with his administration’s economic policies and initiatives.
On salary increases, President Abinader highlighted that his administration has implemented two minimum wage hikes: a 19% increase in 2022, followed by a 15% increase in 2023, with an additional 4% planned for February 2024. The cumulative wage increase from 2022 to 2024 stands at 38%, against an accumulated inflation of 22.7% from 2020 to 2023.
In terms of the minimum wage measured in dollars, there has been a 35.7% increase over three years, rising from US$245.8 (2012 to 2020) to US$333.6 (2020 to May 2023).
Addressing the evolution of the labor market, President Abinader reported the creation of 222,497 jobs from September 2022 to September 2023, with 164,498 being formal employment, accounting for 74% of the total. Since the beginning of his government, a total of 422,739 new formal jobs have been created across various sectors, including hospitality, retail, services, manufacturing, construction, transportation, and healthcare.
During his speech at LA Semanal, which focused on the theme “More and better jobs,” President Abinader also highlighted job growth in free zones, showing a 20% increase since 2020, reaching 197,313 jobs in October 2023.
In the micro, small, and medium enterprise (MYPIME) sector, the President noted significant job contributions, with microbusinesses accounting for 9.2% of jobs, small businesses 13.2%, and medium-sized businesses 4.9%.
For the third quarter of 2023, the employment figure stands at 4.85 million, marking the highest historical employment level in the Dominican Republic. This indicates a robust and growing job market under President Abinader’s administration.