Kingdom of the Netherlands—Curaçao and Sint Maarten: Selected Issues PDF Download

Author: International Monetary
Publisher: International Monetary Fund
ISBN: 151359446X
Category : Business & Economics
Languages : en
Pages : 17

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Selected Issues

Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1513539361
Category : Business & Economics
Languages : en
Pages : 85

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Book Description
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: International Monetary
Publisher: International Monetary Fund
ISBN: 1513594451
Category : Business & Economics
Languages : en
Pages : 79

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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. European Dept.
Publisher: International Monetary Fund
ISBN: 1498314600
Category : Business & Economics
Languages : en
Pages : 61

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KEY ISSUES Context: The union’s current account deficit—the key economic vulnerability flagged in the previous (2011) consultation—has declined over the past few years, including thanks to fiscal adjustment in Curaçao. But it remains large. Curaçao’s growth and job creation remain lackluster, due to weak competitiveness, adverse sectoral trends (e.g., in the international financial center), red tape, and rigid labor laws. Sint Maarten’s tourism-based economy is recovering but remains vulnerable to shocks and suffers from weak administrative capacity—as underscored, for example, by weakening tax collection. Risks: Both Curaçao and, especially, Sint Maarten are exposed to shifts in tourism demand. Curaçao is vulnerable to the uncertain situation in Venezuela, its main trading partner. If long-discussed flexibility- and competitiveness-enhancing structural reforms are not implemented, both countries’ capacity to absorb shocks may prove limited, and pressures on FX reserves and, ultimately, the peg may intensify. Policy recommendations: Fiscal policies should entrench recent gains to facilitate continued external adjustment (especially in Curaçao) and build buffers against shocks. Curaçao should extend the reform of its pension system to public sector workers, further streamline its administrative apparatus, and address weak governance and finances in state companies. Sint Maarten needs to increase revenues to support an expanding administration, including through stronger tax collection and greater contribution from its profitable state companies. The common central bank must monitor closely the deterioration in banks’ loan portfolios and refrain from direct financing of non-financial companies. It should also use more standard sterilization tools to control banks’ excess liquidity. Urgent action is required to lower the cost of doing business and remove pervasive disincentives to both supply and demand of labor.

Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 94

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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: United Nations
Publisher: UN
ISBN: 9789211217599
Category : Political Science
Languages : en
Pages : 0

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In 2010, the Latin American and Caribbean region showed great resilience to the international financial crisis and became the world region with the fastest-growing flows of both inward and outward foreign direct investment (FDI). The upswing in FDI in the region has occurred in a context in which developing countries in general have taken on a greater share in both inward and outward FDI flows. This briefing paper is divided into five sections. The first offers a regional overview of FDI in 2010. The second examines FDI trends in Central America, Panama and the Dominican Republic. The third describes the presence China is beginning to build up as an investor in the region. Lastly, the fourth and fifth sections analyze the main foreign investments and business strategies in the telecommunications and software sectors, respectively.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264546936
Category :
Languages : en
Pages : 283

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Book Description
Latin America and the Caribbean needs an ambitious and comprehensive investment agenda to embark on a stronger and more sustainable development trajectory. The 16th edition of the Latin American Economic Outlook proposes ways to make this possible through co-ordinated actions by policy makers, the private sector and international partners.

Author:
Publisher: Soffer Publishing
ISBN:
Category :
Languages : en
Pages : 105

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Author: Gilad James, PhD
Publisher: Gilad James Mystery School
ISBN: 2937282008
Category : Travel
Languages : en
Pages : 105

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Curaçao is a small island located in the southern part of the Caribbean Sea, about 40 miles off the coast of Venezuela. The island, which is part of the Kingdom of the Netherlands, has a population of approximately 159,000 people, with the majority living in the capital city of Willemstad. The official languages of Curaçao are Dutch, Papiamentu (a Creole language), and English, and the island has a rich cultural heritage influenced by its history of being a strategic location for trade and colonization. Curaçao's economy is primarily based on tourism, offshore banking, and oil refining. The island's sunny weather, white sandy beaches, and diverse culture make it a popular destination for tourists from around the world. In addition to its natural beauty, Curaçao also has a vibrant art scene, with numerous museums, galleries, and festivals celebrating local artists and their work. The island's multicultural population also gives it a unique culinary scene, with flavors influenced by African, European, and Latin American cuisines. Overall, Curaçao is a fascinating blend of history, culture, and natural beauty that makes it one of the Caribbean's most dynamic and exciting destinations.

Author: Ann Marie Bissessar
Publisher: Springer
ISBN: 3030029948
Category : Social Science
Languages : en
Pages : 365

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This edited volume focuses on the attempts of various Caribbean countries to diversify their economies and societies. It is done in the context of political and economic difficulties that these countries have faced since the 2007-2008 economic crash and how successful they have been in moving their economies in a different direction. The contributors use very distinct levels of analysis in order to provide a nuanced view of diversification efforts in Trinidad and Tobago, Jamaica, Cuba, the French Antilles, and the Dutch Antilles. The book will appeal to academic researchers, practitioners, policy makers, and everyone who is interested in the politics and development of the Caribbean region.