Kingdom of the Netherlands-Curaçao and Sint Maarten: 2024 Article IV Consultation Discussions-Press Release and Staff Report

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2024 Issue 296

Publication date: September 2024

ISBN: 9798400289439

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Topics covered in this book

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Exports and Imports , Public Finance , Industries - Hospitality Travel and Tourism , Natural Disasters , Demography , Revenue administration , Insurance , Tourism , Public investment spending , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Health care spending , Natural disasters

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Summary

Curaçao and Sint Maarten experienced a vigorous post-pandemic recovery. Growth was underpinned by strong stayover tourism, which is outperforming Caribbean peers. Headline inflation has declined rapidly, notwithstanding a recent uptick, led by international oil price developments, while core inflation remains elevated. In both countries, current account deficits improved markedly from pandemic years but remain high. Fiscal positions remained strong and in compliance of the fiscal rule. Both countries strive to adopt sound macroeconomic policies, broadly in line with past IMF advice (Annex I). The landspakket, the structural reform package agreed with the Netherlands in 2020, continues to guide both countries’ reform agenda.