Published On: Wed, May 25th, 2016

Venezuela threat to economic growth

Venezuela defenseWILLEMSTAD - The Curaçao economy will grow in the medium to long term 0.9 percent. Sint Maarten’s economy will grow about 1.9 percent. That is the forecast of the International Monetary Fund, IMF. That's if the situation in neighboring Venezuela remains as it is now. They are the largest trading partner of the islands.

Should the situation in Venezuela worsen then the economic activities between the South American nation and Curaçao may be in danger. The neighboring country has been in an economic and political crisis for quite some time now.

According to the Venezuelan President Nicolás Maduro, the problems are part of an unconventional war being waged against his country. The opposition in General Assembly blames the government for the shortages of medicines and basic necessities.

Venezuela is extremely important for Curaçao for the refinery, financial services, trade and tourism. Venezuela was one of the largest tourism market for the island.

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