Press Release 2021-025
Address macroeconomic weaknesses to achieve higher sustainable economic growth path
Economic rebound does not ensure sustained economic recovery
WILLEMSTAD/PHILIPSBURG – Real GDP of Curaçao will increase marginally by 0.1% in 2021 but will accelerate to 6.2% in 2022. The outlook for Sint Maarten is more positive with a real GDP expansion of 3.4% in 2021 followed by an increase of 14.4% in 2022. In both countries, the economic recovery is supported primarily by a pickup in tourism activities. “The economic rebound does, however, not ensure sustained economic recovery”, warned president of the Centrale Bank van Curaçao en Sint Maarten (CBCS), Richard Doornbosch, in the Bank’s latest Quarterly Bulletin.
“Because the latest available data are in line with the assumptions made for the July update of the economic outlook of the CBCS, the growth projections remained unchanged”, explained Doornbosch further. “Inflation is projected to surge in 2021 to 2.9% in Curaçao and 2.0% in Sint Maarten amid the rising international oil prices and worldwide supply chain disruptions. These developments translate directly into our domestic prices given our high import dependency. Expectations are that inflationary pressures will abate somewhat in 2022”, he continued.