Editorial: Recession

POSTED: 01/26/12 11:40 AM

The International Monetary Fund has warned Europe that a passive attitude in the eurozone could lead to a deep recession with a negative economic growth of a massive 4 percent. IMF-director Lagarde has called on the Union to double the size of its monetary rescue fund and to work harder on monetary integration.
Following this advice will still lead to negative economic growth, but this could be limited to 0.5 percent.

The warning ought to be a red light also for St. Maarten because a European recession will simply mean that the island’s tourism industry will come further under pressure. That’s a nice way of saying that we are looking at a future with less employment, more crime, and an even tighter national budget.
So maybe it is time to drop the focus on faraway European markets and to look for new visitors closer to our shores.

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