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The candidate of the ruling party, the centre right Dominican Liberation Party’s (PLD), won the first round of the presidential election. On the Dominican political scene this victory means that the party will control both houses of Congress until at least 2014. The main opposition candidate from the centre left Dominican Revolutionary Party (PRD), Hipolito Mejia who served as president from 2000 to 2004 and quit amid a deep economic crisis sparked by the collapse of three banks in 2003, conceded defeat only some days after the election.
Medina promises political continuity in pro-business policy and popular policy such as infrastructure and welfare programs. Moreover, he proposed to increase education spending, create jobs and tackle poverty. The economy recovered strongly after the banking crisis and overcame the 2008-09 global economic crisis very well. Growth is expected to reach 4.5% in 2012.
While the development and performance of the economy is good, medium and long-term prospects and thus the risk is increased. The key influences are - low savings and investments, structural problems such as in energy, high dependence on fuel import and heavy reliance on tourism. In addition, as in other countries in the region, drug-related crime is rising.
As continuity is presumed, ONDD’s country risk classifications are likely to remain stable.
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