Editorial: Gloomy perspective

POSTED: 08/28/11 10:19 PM

The Central Bank has confirmed once more that the economic outlook for St. Maarten is not as rosy as the government wants people to believe. The 2011 budget was built on quicksand with an economic growth assumption of 1.3 percent. In reality, there will be no growth at all this year – and that is the optimistic scenario.
More likely is that the economy will contract. That means there is less money going around, and it certainly means that the government will have to make do with less revenue.
The outlook for 2012 is gloomy as well. While the Caribbean region will grow by 2 percent, St. Maarten must be content with, again in an optimistic scenario, minimal growth of around 0.5 percent.
Central Bank President Tromp noted that the island must improve its investment climate. Unfortunately, decisions the government has been taking steer the island in the opposite direction, he said.
This means that part of our economic misery is due to the way the UP/DP government is leading the country. It’s never too late to make amends, but the cabinet may as well hurry up.

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