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International Monetary Fund. Western Hemisphere Dept.
Weak growth and underlying structural vulnerabilities persist in both Curaçao and Sint Maarten. Worsened macroeconomic conditions—reflecting the spillovers from one of Curaçao’s largest trading partners and the devastation from Hurricanes Irma and Maria in Sint Maarten—make the need for policy adjustment and structural reforms aimed at ensuring fiscal sustainability, enhancing competitiveness, strengthening investor confidence, and developing capacity more urgent.
International Monetary Fund. Western Hemisphere Dept.

medium term. However, without major structural reforms, growth in Curaçao will remain weak. In Sint Maarten, a speedy and sustainable recovery and post-hurricane rebuilding remain the main priority. Risks are mainly on the downside reflecting both external and domestic vulnerabilities. The union’s current account deficit is expected to gradually improve over the medium term but remain elevated. Curaçao and Sint Maarten should adopt a medium-term fiscal framework, with a long-term debt anchor, to help address structural fiscal challenges in a sustainable way. Further

International Monetary Fund. Western Hemisphere Dept.

per capita is already at high-income country levels, but growth is lackluster and unemployment levels are high. The fiscal situation remains relatively stable, following the debt relief in 2010, but progress on necessary fiscal and structural reforms has been slow. For several years now, both countries have experienced stagnant 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

International Monetary Fund. Western Hemisphere Dept.

-term outlook remains challenging, with zero growth in Curaçao and only moderate recovery in Sint Maarten in 2021. A stronger recovery is expected in 2022–24 as tourism approaches pre-pandemic levels. Weak fiscal revenues and the need for supporting measures imply a further increase in public debt. The outlook for both countries is subject to elevated uncertainty and risks given the high dependence on tourism. Policy recommendations . Near-term priorities include reaching vaccination objectives, protecting the vulnerable, supporting the economy as needed, and setting the

International Monetary Fund. Western Hemisphere Dept.

of Hurricanes Irma and Maria on Sint Maarten— have significantly magnified these weaknesses. The fiscal and external positions of both countries have deteriorated, and high uncertainty is weighing on economic activity and outlook. 44. After another year of recession in 2018 in both Curaçao and Sint Maarten, growth will pick up slowly over the medium term. However, without major structural reforms, growth in Curaçao will remain weak. In Sint Maarten, a speedy and sustainable recovery and post-hurricane rebuilding remain the main priority. Risks are mainly on the

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.

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

International Monetary Fund. Western Hemisphere Dept.
The COVID-19 pandemic inflicted another major shock on the economies of Curaçao and Sint Maarten, which followed category 5 hurricanes in Sint Maarten in 2017 and the spillovers of the Venezuelan crisis on Curaçao. Despite the substantial response measures financed by The Netherlands, the economic contraction in 2020 was severe.