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REPORT OF THE PRESIDENT
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. Particularly during the second quarter of 2020, economic activity in both Curaçao and Sint Maarten came practically to a standstill as both countries implemented a border closure that lasted approximately three months and a total lockdown of approximately 6 weeks. Despite the later easing of these measures, economic activity, particularly in the tourism industry, remained substantially lower than before the crisis. Consequently, real GDP dropped by an unprecedented 19.3% in Curaçao and 22.4% in Sint Maarten.