The Aruba Forums
It is currently Wed Jul 18, 2018 12:26 pm

All times are UTC - 5 hours [ DST ]

Having difficulty using this Board?
Click here for our Forum Support System
Forgot your password? Click Here



CHECK OUT OUR RECENTLY ENHANCED ARUBATOURISM.COM WEBSITE

Post new topic Reply to topic  [ 1 post ] 
Author Message
PostPosted: Wed Jan 28, 2009 9:08 pm 
Offline
Extra Helpful Expert
User avatar

Joined: Fri Nov 29, 2002 5:47 am
Posts: 4333
Cooperation Is Essential To Avoid Severe Recession


January 28th 2009, Aruba.


ORANJESTAD-The economy of Aruba is about to enter a period of contraction, this is mainly
attributed to the global credit crisis. The Central Bank of Aruba (CBA) is expecting a decrease of
1.2 percent in Real GDP for 2009. Aruba will experience its second recession in just 5 years in what
is to be a decade of relatively low economic growth.

There may be a decline in investments from the private sector in large projects on the island, this
as a consequence of the difficulty for foreign investors to receive loans from banks. In addition the
number of tourist arrivals is expected to decline between 5.6 and 6.1 percent in 2009. The decline
in tourist arrivals may result in the contraction of tourism receipts by 2 percent.

Value of imported goods from abroad is expected to decline by 6.9 percent. The value of exported
goods to other countries in the World is expected to decline by 10.6 percent in 2009. The annual
inflation rate is expected to decline from 8.5 percent in 2008 to 4.2 percent in 2009, which is
considered a positive trend by CBA. The value of consumed goods on the island is expected to
increase by 0.6 percent.

Substantial and aggressive marketing of Aruba abroad may soften the decline in tourism, and
government spending on infrastructure and other community projects should provide jobs
(temporarily) for the construction sector. The government has already allocated an additional
US$10 million to market Aruba abroad. AHATA (Aruba Hotel & Tourism Association) will allocate
more money for marketing. The cooperation between the public and private sector, and the
commitment of both sectors is essential to avoid a moderate to severe recession.















__


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Search for:
Jump to:  
Powered by phpBB® Forum Software © phpBB Group