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Amid a challenging external environment
Monetary union continues its path of economic recovery
Willemstad/Philipsburg - The monetary union continued its path of economic recovery in 2023, although the pace of expansion was less pronounced than in 2022. According to the latest estimates by the Centrale Bank of Curaçao en Sint Maarten (CBCS), real GDP growth in Curaçao fell from 7.9% in 2022 to 4.1% in 2023. For Sint Maarten, the growth slowdown was more significant; from 9.8% in 2022 to 3.8% in 2023. “The economies of both countries grew, despite a challenging external environment that was plagued by, among other things, the long-term effects of the pandemic, repercussions of the war in Ukraine, heightened geopolitical tensions, spillovers of monetary policy tightening to tame inflation, and extreme weather conditions,” CBCS president Richard Doornbosch pointed out in the December 2023 Economic Bulletin.