WILLEMSTAD – The Central Bank of Curaçao and Sint Maarten (CBCS) has again drawn attention to Curaçao’s persistent current account deficit, describing it as a structural weakness that continues to undermine external stability. In its Research Agenda 2026–2028, the bank outlines plans for deeper analysis into the underlying causes of the imbalance.
The CBCS notes that the monetary union’s current account deficit averages around 17 percent of GDP, driven largely by high import dependence, particularly on oil and food. Although tourism generates substantial foreign exchange earnings, revenue leakages and import-intensive consumption limit its positive impact on the balance of payments.
Future research will examine tourism-related leakages, workers’ remittances, foreign direct investment, and the potential of underdeveloped sectors to contribute to export diversification. The bank also plans to assess how fiscal policy interacts with external imbalances under the fixed exchange rate regime.
For Curaçao, the findings are expected to feed into policy discussions on economic diversification and competitiveness. The CBCS stresses that reducing vulnerability to external shocks will require more than short-term adjustments, pointing instead to structural reforms aimed at broadening the export base and strengthening regional trade integration.
