Kingdom of the Netherlands—Aruba: 2021 Article IV Consultation Discussions-Press Release; Staff Report; and Staff Supplement

2021 Article IV Consultation Discussions-Press Release; Staff Report; and Staff Supplement

Volume/Issue: Volume 2021 Issue 081

Publication date: April 2021

ISBN: 9781513572833

$20.00

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Industries - Hospitality Travel and Tourism , staff appraisal , budget proposal , staff analysis , tranche of financial support , debt sustainability risk , COVID-19 , Tourism , Caribbean

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Summary

Aruba managed to contain the pandemic in the first months of the outbreak but experienced a resurgence of new infections in the summer. The economic impact of COVID-19 is particularly severe given Aruba’s high dependency on tourism. While the authorities’ swift response has helped contain the human and economic damage, it could not avoid a severe GDP contraction.