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In 2020, the world economy was hit severely by the COVID-19 pandemic and measures implemented to contain the spread of the virus. As a result, real output dropped in both the advanced and emerging & developing economies. The monetary union of Curaçao and Sint Maarten also was deeply affected by the pandemic. “Even though both countries were relatively successful in containing the local spread of the coronavirus through stringent measures, this success came at high economic and social costs”, stated Richard Doornbosch, president of the Centrale Bank van Curaçao and Sint Maarten (CBCS) in the 2020 Annual Report.