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Corona Effect: Tourism Dead, Aruba Looks to Oil for Economic Revival - The St Kitts Nevis Observer thestkittsnevisobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestkittsnevisobserver.com Daily Mail and Mail on Sunday newspapers.
Send A collapse in tourism due to the coronavirus pandemic has sent Aruba toward one of the world’s biggest economic contractions, prompting the island to try to diversify beyond its sun and sand image, namely by restarting a long-idled oil refinery. Assistance from the Netherlands helped the Caribbean island finance a stimulus program, blunting the impact of the economy’s 25.5% contraction on workers and businesses in 2020. That downturn was behind only Libya, Maldives and Venezuela, International Monetary Fund (IMF) data show. But those subsidies led to an increase in Aruba’s fiscal deficit to 17% of gross domestic product (GDP), according to the IMF, prompting some experts and residents to argue the island should diversify its economy to ensure the government can balance its budget without Dutch assistance. ....
By Luc Cohen SAN NICOLAS, Aruba (Reuters) - A collapse in tourism due to the coronavirus pandemic has sent Aruba toward one of the world s biggest economic contractions, prompting the island to try to diversify beyond its sun and sand image, namely by restarting a long-idled oil refinery. Assistance from the Netherlands helped the Caribbean island finance a stimulus program, blunting the impact of the economy s 25.5% contraction on workers and businesses in 2020. That downturn was behind only Libya, Maldives and Venezuela, International Monetary Fund (IMF) data show. But those subsidies led to an increase in Aruba s fiscal deficit to 17% of gross domestic product (GDP), according to the IMF, prompting some experts and residents to argue the island should diversify its economy to ensure the government can balance its budget without Dutch assistance. ....
Aruba looks towards long-idled oil refinery, as tourism drop pummels economy reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.