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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.
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
This 2005 Article IV Consultation for the Netherlands Antilles’ reports that economic growth has been feeble so far in this decade, in the midst of economic policy drift. Growth has been constrained by still inflexible labor markets, widespread state ownership and interference in commercial activities, and insufficient investment in infrastructure and human capital. At the same time, free migration to the Netherlands has kept wages high. Persistent budget deficits and a large and growing public debt have also remained unaddressed.
International Monetary Fund
This 2003 Article IV Consultation highlights that after a prolonged recession through the second half of the 1990s, the Netherlands Antilles economy has recently shown some important resilience. With the exchange rate pegged to the U.S. dollar, the Netherlands Antilles has enjoyed low inflation. With waning cost-push pressures related to higher energy costs and indirect tax increases, inflation has moderated to 0.5 percent in 2002. For 2003, inflation is projected to reach 2 percent in line with developments projected for the United States.
International Monetary Fund
The paper provides a brief review of economic developments and policies in the Netherlands Antilles. The government’s current adjustment initiative provides a much needed opportunity for restoring growth prospects for the Netherlands Antilles. The paper has looked into issues pertaining to the development and prospects of the Antillean offshore sector. The picture emerging is one of a sector that, after initial spectacular growth, has encountered a number of obstacles. Nevertheless, it has been able to continue to register positive, albeit more moderate, growth.
International Monetary Fund
The past decade has witnessed a progressive weakening of the Antillean economy, and prospects for a recovery depend on reinvigorating and sustaining adjustment. There is a need for more vigorous reforms, well coordinated across governments and supported by building social consensus. Fiscal policy can support growth over the medium term by reforming the tax system and lowering the tax and administrative burden on the private sector. Continuing progress with structural reforms is critical to improve the prospects for job creation and economic growth.
International Monetary Fund
This Selected Issues paper and Statistical Appendix explores four policy issues—fiscal policy, public sector pension reforms, monetary management, and labor market performance—which are crucial for understanding the recent performance of the economy of the Netherlands Antilles and which will need to be addressed to restore the prospect of durable economic growth. The paper reviews experience with fiscal adjustment in the Netherlands Antilles, focusing in particular on the 1996–97 adjustment program. The paper also analyzes the sustainability of the public pension system of the country.
International Monetary Fund
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.