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Recent Economic Developments and their Implications for the Sint Maarten Hospitality and Trade Indus

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Total public debt-to-GDP ratio. General membership meeting SHTA. October ... License fee revenues St. Maarten. General membership meeting SHTA. October 23, 2009 ... – PowerPoint PPT presentation

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Title: Recent Economic Developments and their Implications for the Sint Maarten Hospitality and Trade Indus


1
Recent Economic Developments and their
Implications for the Sint Maarten Hospitality and
Trade Industry
Dr. Emsley D. Tromp President BNA General
Membership Meeting SHTA St. Maarten, October 23,
2009
2
Outline presentation
  • International economic developments
  • Local economic developments
  • Dollarization to reduce external vulnerability
  • Structural reform agenda

General membership meeting SHTA
3
Impact financial crisis on world economy
Real GDP growth ()
General membership meeting SHTA
4
Impact on the region
Real GDP growth()
Sources IMF, World Economic Outlook, October
2009 Centrale Bank Aruba.
General membership meeting SHTA
5
Netherlands Antilles Total public debt-to-GDP
ratio
General membership meeting SHTA
6
Developments tourism sector
Foreign exchange revenues from tourism
General membership meeting SHTA
7
Developments tourism sector
General membership meeting SHTA
8
Developments tourism sector
General membership meeting SHTA
9
Developments tourism sector
General membership meeting SHTA
10
Developments wholesale retail sector
General membership meeting SHTA
11
License fee revenues St. Maarten
General membership meeting SHTA
12
Economic developments Netherlands Antilles
General membership meeting SHTA
13
Netherlands Antilles vs region
Real GDP growth ()
Sources IMF, World Economic Outlook, October
2009 Centrale Bank Aruba and BNA.
General membership meeting SHTA
14
Share foreign exchange in total deposits and loans
General membership meeting SHTA
15
Benefits of dollarization
  • Elimination currency risk / reduction default
    risk.
  • Lower transaction costs.
  • Promotion of the soundness of the financial
    sector.
  • Integration in international financial markets.
  • Promotion of macroeconomic stability by
    constraining monetary financing of fiscal
    deficits.

General membership meeting SHTA
16
Costs of dollarization
  • No possibility of autonomous monetary and
    exchange rate policy.
  • Loss of government income.
  • Loss of lender-of-last resort function.

General membership meeting SHTA
17
Structural reforms (1)
  • Labor market reform
  • Increase flexibility
  • Address mismatch between supply and demand
  • Capital market reform
  • Promote more financing opportunities for
    businesses
  • Promote more investment opportunities for local
    investors

General membership meeting SHTA
18
Structural reforms (2)
  • Reduce administrative barriers
  • Streamline and simplify administrative procedures
  • Economic diversification
  • Development international financial and business
    services sector
  • Development transportation hub function

General membership meeting SHTA
19
Thank you for your attention
General membership meeting SHTA
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