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Economy / Netherlands Antilles

Tourism Faces Major Risks

January 2009 | Risk Summary

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According to the latest data, economic growth in the Netherlands Antilles came in at 2.0% y-o-y in Q208 and we believe that full-year expansion reached a similar figure. Indeed, we expect the positive impact of declining oil and food prices on private consumption to have largely offset the negative impact of the global credit crunch on the financial services sector. In 2009 we believe that the economy is likely to grind to halt and expect to see flat growth, with downside risks. While the latest data show that the tourism sector is still performing well, we believe that the global