WILLEMSTAD - The opening of the new Sandals resort is expected to have a positive impact on gross domestic product (GDP) growth, the labor market situation and public finances. This is reported by the Central Bank of Curaçao and Sint Maarten (CBCS).
At the request of the Minister of Social Development, Labor and Welfare Ruthmilda Larmonie-Cecilia, the bank has conducted a study into the economic impact of the opening of the Sandals resort. In its research, the CBCS focused on the short-term effect of GDP growth, unemployment and public finances in 2022 and 2023.
CBCS expects GDP growth in both 2022 and 2023. This is partly due to an increase in activities in the tourism sector and more private expenditure. The increase in economic activity is also expected to increase government revenues. This in turn is good for public finances.
The opening of the resort is also good for unemployment. The arrival of the hotel will create almost 400 new jobs. Unemployment is expected to fall by 19.1 percent in 2022 and by 15.2 percent in 2023.