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Friday, November 17 2017 @ 10:44 PM AST

No economic recovery in sight for Sint Maarten in under two years

In the wake of the severe damage Hurricane Irma caused to Sint Maarten when it hit the island on September 5 and 6, 2017, the Centrale Bank van Curaçao en Sint Maarten forecasts Sint Maarten’s economy to contract in 2017, with the contraction deepening in 2018, according to its preliminary projections.

In a statement yesterday, the central bank said category 5 Hurricane Irma did more damage than Hurricane Luis 22 years ago.

Hurricane Irma caused even more destruction to vital tourism facilities, including hotels and key infrastructure for the tourism industry, such as the airport and the cruise terminal. And because tourism is Sint Maarten’s main, and basically only, economic pillar, the devastation caused by Hurricane Irma will have a tremendously adverse impact on the country’s economy, the bank said.

The central bank said it has not yet an estimated GDP for the first quarter of 2017, and infrastructural damage from the hurricane exacerbated what was an already struggling IT system on the island to produce GDP data.



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