Outlook surrounded by high uncertainty
Economic growth is projected to accelerate across the monetary union in 2022
WILLEMSTAD/PHILIPSBURG: The monetary union of Curaçao and Sint Maarten experienced moderate growth in 2021 following an unprecedented contraction in 2020 caused by the COVID-19 pandemic, according to estimates of the Centrale Bank van Curaçao en Sint Maarten (CBCS). Real GDP grew by 4.0% in Sint Maarten, while Curaçao recorded a milder expansion of 1.7% as the country went into a 6-week lockdown in March – April 2021 due to a surge in COVID-19 cases. Looking forward, economic growth is projected to accelerate across the monetary union in 2022 with real GDP increasing by 6.6% in Curaçao and 14.6% in Sint Maarten. “This recovery is, however, surrounded by high uncertainty, of which the main downside risk is the emergence of new COVID-19 variants combined with travel restrictions that could dampen the further recovery of tourism activities in Curaçao and Sint Maarten”, warns CBCS-president Richard Doornbosch in the central bank’s second Quarterly Bulletin of 2021.