Search Results

You are looking at 1 - 8 of 8 items for :

  • "economy of Sint Maarten" x
Clear All
International Monetary Fund. Western Hemisphere Dept.
This 2016 Article IV Consultation highlights that the fiscal situation in Curaçao and Sint Maarten remains relatively stable, following the debt relief in 2010, but progress on necessary fiscal and structural reforms has been slow. Curaçao experienced modest growth in 2015 of 0.1 percent, reflecting a turnaround from the contraction of 1.1 percent in 2014. The economy of Sint Maarten expanded by 0.5 percent in 2015, a slowdown compared with the 1.5 percent recorded in 2014. Real GDP growth in 2016 is expected to reach 0.5 percent in Curaçao and 0.7 percent in Sint Maarten. Over the medium term, growth is expected to pick up moderately to 0.9 percent and 1.3 percent for Curaçao and Sint Maarten, respectively.
International Monetary Fund. Western Hemisphere Dept.

and private), driven largely by the construction of the new hospital and the upgrade of road infrastructure. Meanwhile, the economy of Sint Maarten expanded by 0.5 percent in 2015, a slowdown compared to the 1.5 percent recorded in 2014. The expansion in Sint Maarten’s GDP mainly reflected an increase in stay-over tourist arrivals, though at a slower pace than in 2014. With the exception of the recent expansion project at the Princess Juliana International Airport, there were no major private investment in 2015, underscoring the need to boost investor confidence

International Monetary Fund. Western Hemisphere Dept.

and will continue to work on assessing its impact and the related policy response in Curaçao and Sint Maarten and globally. Over the last few years, Curaçao and Sint Maarten have faced significant challenges. Curaçao has been in a recession since 2016 mainly due to continued spillovers from the Venezuela crisis, and real GDP contracted by an estimated 2 percent in 2019. The unemployment rate increased to 21.2 percent in April 2019, among the highest in the region. The economy of Sint Maarten was severely damaged by Hurricanes Irma and Maria in 2017 and despite

International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation focuses on Curaçao and Sint Maarten’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The fiscal position in Curaçao improved in the past two years, in part due to implemented fiscal measures. Both Curaçao and Sint Maarten would benefit from introducing a Fiscal Responsibility Framework. It could incorporate a central government debt ratio as a long-term anchor and operational rules calibrated to meet it. The report suggests that risks in the financial sector need to be addressed as a matter of priority. The authorities should develop a strategy for addressing financial sector vulnerabilities with the objective of preserving financial stability while minimizing fiscal costs. Significant strengthening of supervision and a complete overhaul of the bank resolution framework are also urgently needed. An across-the board improvement in the governance framework should be a key priority in both countries. Vulnerabilities in the financial system point to the need to strengthen governance in the financial sector.
International Monetary Fund. Western Hemisphere Dept.

Context 1. Over the last few years, Curaçao and Sint Maarten have faced significant challenges . Curaçao has been grappling with a protracted decline in labor productivity and four years of continuous recession, exacerbated by spillovers from the deep crisis in Venezuela in the last few years. The economy of Sint Maarten was severely damaged by Hurricanes Irma and Maria in 2017 and despite €550 million committed by The Netherlands to support reconstruction, rebuilding has been slow, highlighting challenges stemming from the small size of the island and

International Monetary Fund. Western Hemisphere Dept.

growth, trailing behind regional peers. Curaçao experienced modest growth in 2015 of 0.1 percent, reflecting a turnaround from the contraction of 1.1 percent in 2014. Growth in Curaçao mainly reflected an increase in investment (both public and private), driven largely by the construction of the new hospital and the upgrade of road infrastructure. Meanwhile, the economy of Sint Maarten expanded by 0.5 percent in 2015, a slowdown compared to the 1.5 percent recorded in 2014. The expansion in Sint Maarten’s GDP mainly reflected an increase in stay-over tourist arrivals