Despite increased inflation
Recovery of economic activity to continue across the monetary union
Willemstad/Philipsburg – Due to the soaring commodity prices, inflation is expected to pick up strongly in 2022 and remain elevated in 2023. “Even though the elevated inflation erodes consumers’ purchasing power and, hence, private consumption, economic activity is projected to continue to recover across the monetary union. In Curaçao, real GDP is projected to increase by 5.5% in 2022, while Sint Maarten will record an expansion of 5.8%. Meanwhile, growth will moderate somewhat in 2023 with the economies of Curaçao and Sint Maarten growing by 2.9% and 3.6%, respectively”, explains Centrale Bank van Curaçao and Sint Maarten (CBCS) President Richard Doornbosch. In today’s published Economic Bulletin of September 2022, the CBCS presents its revised economic outlook for Curaçao and Sint Maarten.