Mini conference about macroeconomic models

POSTED: 01/9/13 11:25 PM

St. Maarten (DCOMM)—The department of Economy, Transportation and Telecommunication opened its first mini Caribbean conference on macroeconomic analysis and modeling at Divi Little Bay Hotel.

The conference’s primary goals are to exchange ideas and expertise on how to use macroeconomic models to assist in policy preparation, and forecasting. The group will meet, during the week, with other internal and external stakeholders like economists from Suriname, the Statistical and Finance departments and the Chamber of Commerce, and the St. Maarten Hospitality and Trade Association.

Miguel de Weever, acting Secretary General at the Ministry of Tourism, Economic Affairs, Transportation and Telecommunication welcomed the audience on behalf of Minister Romeo Pantophlet who could not be present.

“It is a great pleasure that we reached this level,” De Weever said. “This economic model will assist in constructing policy and serves as the foundation for making sound decisions. It is the hope that this conference expands to include other countries within the region and for us to exchange ideas, confront challenges, and share information and solutions.”

The model itself is meant to provide information beyond impact analysis De Weever said. “It should be fine-tuned for consistency, user friendliness, adoptability, and sustainability.”

Lucy Richardson, head of department of Economy, Transportation and Telecommunication  who chaired the opening further explained about the model’s inception and the conference’s purpose.

Work on making the model come to fruition started since 2010. Funding agency Usona, the department’s technical partners such as Micromacro Consultants, Kalmera BV and other internal and external partners, provided data and feedback on economic trends and developments.

Richardson indicated that her department is responsible for the monitoring, evaluating, and forecasting of economic activity. “The model is a vital tool for these tasks. The conference will be an annual event and gives us the opportunity to create a platform where we can share expertise on the use and development of macroeconomic models and key indicators.”

Two presenters from the department, Jude Houston and Erika Radjouki presented the macroeconomic model for St. Maarten, named Smaart.

After this presentation Sara Delgado, a junior consultant with the firm Micromacro Consultants BV, provided information about the macro/micro economic model of the Cape Verde islands.

 

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