Kingdom Of The Netherlands Curaçao And Sint Maarten 2021 Article Iv Consultation Discussions Press Release And Staff Report

Author : International Monetary,International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 79 pages
File Size : 49,7 Mb
Release : 2021-08-25
Category : Business & Economics
ISBN : 9781513594453

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Kingdom of the Netherlands—Curaçao and Sint Maarten: 2021 Article IV Consultation Discussions; Press Release and Staff Report by International Monetary,International Monetary Fund. Western Hemisphere Dept. Pdf

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.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 94 pages
File Size : 48,9 Mb
Release : 2022-08-11
Category : Business & Economics
ISBN : 9798400214363

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Kingdom of the Netherlands-Curaçao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf

The economies of Curaçao and Sint Maarten are recovering from the pandemic but facing multiple challenges, including spillovers from the war in Ukraine. Curaçao was in a protracted recession even before the pandemic due to spillovers from the Venezuelan crisis. Sint Maarten needs to fully recover not only from the pandemic, but also from the devastating 2017 hurricanes.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 107 pages
File Size : 42,8 Mb
Release : 2023-07-28
Category : Business & Economics
ISBN : 9798400249273

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Kingdom of the Netherlands-Curaçao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf

Curaçao and Sint Maarten, which form a monetary union (Union), are recovering from the pandemic and earlier shocks. Substantial tourism recoveries in both economies supported robust growth and strong fiscal adjustments. Curaçao’s GDP is still below its pre-pandemic level while Sint Maarten is expected to exceed it this year. Both countries are working on structural reform packages, although the focus is still mainly on studies and preparation.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 63 pages
File Size : 50,6 Mb
Release : 2019-01-25
Category : Business & Economics
ISBN : 9781484395929

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Kingdom of the Netherlands—Curaçao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf

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.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 68 pages
File Size : 51,9 Mb
Release : 2016-08-22
Category : Business & Economics
ISBN : 9781475527285

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Kingdom of the Netherlands—Curaçao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf

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.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 72 pages
File Size : 45,7 Mb
Release : 2023-07-27
Category : Business & Economics
ISBN : 9798400246449

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Kingdom of the Netherlands—Aruba by International Monetary Fund. Western Hemisphere Dept. Pdf

The Aruban economy recovered to the pre-pandemic level of real GDP by 2022, supported by a robust rebound in tourism. The fiscal position has been improving but the debt-to-GDP ratio remains above the pre-pandemic level. The banking sector is well capitalized, liquid, and profitable. Restoring macroeconomic balance and bolstering medium-term growth are the principal policy tasks facing the authorities.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 69 pages
File Size : 46,9 Mb
Release : 2019-06-05
Category : Business & Economics
ISBN : 9781498318006

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Kingdom of the Netherlands - Aruba by International Monetary Fund. Western Hemisphere Dept. Pdf

This 2019 Article IV Consultation highlights that Aruba’s economic recovery continues, although at a slowing pace. The authorities have managed well the impact of the crisis in Venezuela through diversification of product markets and tourism sources. Nonetheless, a deepening of the crisis is a downside risk—mainly through a potentially sizable influx of immigrants and refugees. It is recommended to identify additional reform measures to achieve Aruba’s fiscal targets. These measures should involve a mix of revenue increases and expenditure restraint, and be prioritized, sequenced, equitable, and well-communicated to minimize implementation risks and ensure the measures’ durability. The government devised a reform agenda with fiscal consolidation as a key pillar. Additional measures are needed to achieve the authorities’ fiscal targets. The additional adjustment should contain a mix of tax reforms and expenditure rationalization. The fiscal measures in 2019 are expected to deliver a large upfront increase in revenues but it will be important to strike a balance between revenue increases and expenditure restraint in subsequent years.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 85 pages
File Size : 45,9 Mb
Release : 2020-04-01
Category : Business & Economics
ISBN : 9781513539362

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Kingdom of the Netherlands-Curacao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf

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.

Author : Anonim
Publisher : Unknown
Page : 50 pages
File Size : 46,7 Mb
Release : 2001
Category : Netherlands Antilles
ISBN : STANFORD:36105028676125

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Kingdom of the Netherlands--Netherlands Antilles, Staff Report for the ... Article IV Consultation Discussions by Anonim Pdf

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 39 pages
File Size : 50,8 Mb
Release : 1999-07-01
Category : Business & Economics
ISBN : 9781451992977

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Kingdom of the Netherlands—Aruba by International Monetary Fund Pdf

This 1999 Article IV Consultation highlights that Aruba’s real GDP grew at an annual rate of some 3 percent in 1998, while inflation remained subdued at about 2 percent. Comparable rates of satisfactory growth and low inflation have characterized the island’s development since the mid-1990s, following a period of double-digit growth when an investment boom in the hotel sector brought about the transformation of Aruba into a tourism-based economy. The outlook for satisfactory growth and low inflation had been threatened, however, by an undue relaxation of fiscal policy in 1996 and continued laxity through mid-1998.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 64 pages
File Size : 42,8 Mb
Release : 2017-06-16
Category : Business & Economics
ISBN : 9781484304396

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Kingdom of the Netherlands - Aruba by International Monetary Fund. Western Hemisphere Dept. Pdf

Aruba’s economy has been in recession since mid-2015, mainly due to a temporary slowdown in tourism activity and fiscal consolidation. Short-term recovery in economic activity depends on timely implementation of refinery-related investments. Despite fiscal efforts by the authorities, public debt remains at around 85 percent of GDP, limiting fiscal space.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 57 pages
File Size : 42,8 Mb
Release : 2011-12-08
Category : Business & Economics
ISBN : 9781463928599

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Kingdom of the Netherlands by International Monetary Fund Pdf

The two newly autonomous countries within the Kingdom of the Netherlands face substantial challenges. Growth has been low, and unemployment high. The current account deficit has widened to worrisome levels, increasing the vulnerability of the peg to the U.S. dollar and stimulating calls for dollarizing or dissolving the currency union. A substantial adjustment is needed to bring the underlying current account deficit to historically sustainable levels over the medium term. This could be facilitated by measures to restrain credit growth, supported by fiscal consolidation.

Author : Anonim
Publisher : Unknown
Page : 58 pages
File Size : 48,5 Mb
Release : 2005
Category : Aruba
ISBN : STANFORD:36105121627058

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Kingdom of the Netherlands--Aruba, Staff Report for the ... Article IV Consultation by Anonim Pdf

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 50 pages
File Size : 52,9 Mb
Release : 2015-05-08
Category : Business & Economics
ISBN : 9781484373101

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Kingdom of the Netherlands—Aruba: 2015 Article IV Consultation Discussions-Staff Report; and Press Release by International Monetary Fund. European Dept. Pdf

This 2015 Article IV Consultation highlights that Aruba has been recovering from a severe double-dip recession. The economy faced two major shocks over the past five years—the global financial crisis and shutdown of the Valero oil refinery in 2012. After a strong recovery in 2013 with growth reaching 4.75 percent, the pace of activity moderated in 2014. In 2015, growth is projected to rise to 2.25 percent. The tourism sector—the mainstay of the Aruban economy—is envisaged to grow, albeit at a slower rate. Moreover, domestic demand is slated to recover notably amid subsiding policy uncertainty and as key public-private partnership projects move forward.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 82 pages
File Size : 47,8 Mb
Release : 2020-02-24
Category : Business & Economics
ISBN : 9781513530963

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St. Lucia by International Monetary Fund. Western Hemisphere Dept. Pdf

This 2019 Article IV Consultation explains that St. Lucia’s near-term growth prospects are favorable, supported by large infrastructure investment and robust tourist inflows. However, longer-term growth continues to be impeded by high public debt, lingering vulnerabilities in the financial system, and structural impediments to private investment. Diminishing policy buffers further weaken the country’s resilience to external shocks against the backdrop of aprecarious global outlook. Completion of long pending legislative initiatives, alongside stronger regional and domestic financial oversight, should provide banks with incentives to strengthen their balance sheets and increase the efficiency of financial intermediation. There is also a need to draw on supervisory and regulatory tools to respond to emerging risks from rising overseas investments of the banks and the rapid expansion of lending by credit unions. The authorities are recommended to should step up efforts to address the institutional, financing and capacity gaps in its climate and disaster response strategy. Supply-side reforms are needed to unlock potential growth by improving the business environment, reducing energy costs, enhancing labor productivity, and further diversifying the economy.