Kingdom of the Netherlands—Aruba: Staff Report for the 1999 Article IV Consultation

Author: International Monetary Fund

This 1999 Article IV Consultation highlights that Aruba's real GDP grew at an annual rate of some 3 percent in 1998, while inflation remained subdued at about 2 percent. Comparable rates of satisfactory growth and low inflation have characterized the island's development since the mid-1990s, following a period of double-digit growth when an investment boom in the hotel sector brought about the transformation of Aruba into a tourism-based economy. The outlook for satisfactory growth and low inflation had been threatened, however, by an undue relaxation of fiscal policy in 1996 and continued laxity through mid-1998.

Volume/Issue: Volume 1999 Issue 047

Publication date: July 1999

ISBN: 9781451800029

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Topics covered in this book

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Business and Economics , Banks and Banking , Exports and Imports , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , government , Aruba , Aruban authorities , IMF staff estimate , Aruba well , Aruba's performance , central bank of Aruba , reform proposal , U , S , dollar , foreign exchange , Arrears , Civil service , Commercial banks , Current spending , Europe , Caribbean

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Summary

This 1999 Article IV Consultation highlights that Aruba’s real GDP grew at an annual rate of some 3 percent in 1998, while inflation remained subdued at about 2 percent. Comparable rates of satisfactory growth and low inflation have characterized the island’s development since the mid-1990s, following a period of double-digit growth when an investment boom in the hotel sector brought about the transformation of Aruba into a tourism-based economy. The outlook for satisfactory growth and low inflation had been threatened, however, by an undue relaxation of fiscal policy in 1996 and continued laxity through mid-1998.