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Netherlands Antilles: Recent Economic Developments
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 1997: Issue 032
Language:
English
Publication Date:
26 Apr 1997
DOI:
https://doi.org/10.5089/9781451800975.002
ISBN:
9781451800975
ISSN:
1934-7685
Pages:
108
Keywords:
ISCR; CR; Island government; central bank; current account; balance of payments; private sector; tax collection; foreign exchange; tax revenue; development aid; sales tax; monetary policy; central government; Civil service; Pension spending; Pensions; Caribbean
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This paper reviews economic developments in the Netherlands Antilles during 1990–96. The economic situation started deteriorating significantly since the early 1990s. Economic growth slackened, mainly reflecting weak investment and a sharp drop in tourist arrivals in 1995–96 owing to hurricane damage. The underlying external position deteriorated progressively, and reserves fell to an uncomfortably low level. The major factors behind the deterioration were occasional slippages in monetary policy and persistently large fiscal deficits that had their roots in a rapid growth of personnel costs.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund