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IMF estimates Sint Maarten 2020 GDP down 24%

Posted By: PelicanPirate

IMF estimates Sint Maarten 2020 GDP down 24% - 08/03/2021 10:51 AM

https://www.imf.org/en/News/Article...d-concludes-2021-article-iv-consultation

Quite a shock to the economy
Posted By: Zanshin

Re: IMF estimates Sint Maarten 2020 GDP down 24% - 08/03/2021 12:53 PM

That report certainly paints a dismal picture with little short-term optimism in sight.
Posted By: PelicanPirate

Re: IMF estimates Sint Maarten 2020 GDP down 24% - 08/03/2021 02:18 PM

The island looked very hopeful and busy in July.
Posted By: Snorkeller

Re: IMF estimates Sint Maarten 2020 GDP down 24% - 08/03/2021 02:41 PM

Thanks for posting link to this report. Table 2 of that report shows how bad things have been for Sint Maarten since Irma. When you consider that the contraction in 2020 was from the level of 2019 (which had some growth after contractions in 2017 and 2018), you realize the severity of the economic situation.
Posted By: ruralcarrier

Re: IMF estimates Sint Maarten 2020 GDP down 24% - 08/03/2021 03:15 PM

Like my long-time taxi driver friend indicated, this is unlike any hurricane as it impacted the entire world and it is not a matter of just rebuilding structures. This is a much more severe and longer lasting impact than any natural disaster.
Posted By: Carol_Hill

Re: IMF estimates Sint Maarten 2020 GDP down 24% - 08/03/2021 04:25 PM

JD--that is so true. And coming on top of Irma? I don't know what the failure rate of small businesses is in SXM, but it has to be astronomically high.
Posted By: ruralcarrier

Re: IMF estimates Sint Maarten 2020 GDP down 24% - 08/03/2021 06:38 PM

Originally Posted by Carol_Hill
JD--that is so true. And coming on top of Irma? I don't know what the failure rate of small businesses is in SXM, but it has to be astronomically high.

All one has to do is look at all the closed storefronts on Front Street. Something like 60% vacancy from what I recall? This was not a blip on the radar, this was/is a life-changing event for many on the island. Much more the rebuild and repair as this has had financial implications across the world.
Posted By: SammyM

Re: IMF estimates Sint Maarten 2020 GDP down 24% - 08/04/2021 02:58 AM

Maybe, just maybe when COVID finally comes to an end and cruise ships begin to return in realistic numbers things will begin to improve. Ports-of-call with an overnight stay in SXM would be helpful, and we actually did that once with Celebrity years ago. Here's hoping.
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