WILLEMSTAD - President of the Central Bank of Curaçao and St. Maarten (CBCS) Richard Doornbosch states in his economic outlook for 2021 that under the current circumstances a policy program is urgently needed to stimulate economic recovery.
The program must contain quick wins that can generate more jobs in 2021.
Curaçao experienced an unprecedented economic contraction of more than 20 percent in 2020. The island's debt quota amounted to more than 76 percent of what all residents together earn in a year.
Structurally
The new policy program should also include a medium and long-term plan for structural economic changes aimed at sustainable growth, employment, and resource allocation.
"Broadening the export base, reducing dependence on imports and increasing the share of renewable energy sources are important elements of this change strategy," said Doornbosch.
The steadfast and timely implementation of such a policy program will enable the transition from liquidity support to a strong and resilient economy, said the president of the Central Bank.