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Vandaag laten we Arend de Winter aan het woord.
The announcement is not elegant and could be considered a form of blackmail. However the idea of a seven (7) year term Independent Governing Body (zbo) with subject specialists on financial and economic recovery may turn out to be a ‘Blessing in Disguise’.
Accepting this zbo to manage financial policies, governmental and economic reform and use of funds also puts a big responsibility on the Kingdom government.
Ultimately a responsibility too big to fail.
Research on the 2008 global crisis shows that it took most major economies around seven (7) years to get their (un)employment rate back to pre-crisis levels and it took even longer before complete recovery. The 2008 crisis led to large and persistent declines in the capital stock and total factor productivity relative to trend and made economies even more vulnerable to other negative shocks.
The CAS islands are recent experience experts on that matter, e.g. ‘Irma’ and ‘Venezuela’. We don’t even know when this corona crisis will be under control let alone when the aftermath will be over. It is therefore realistic to assume that it may take Curacao seven (7) years or more to climb out of this crisis even with external short and medium term liquidity support by the Kingdom government.
Setting pride aside we should discuss the realistic recovery term without external support and the additional sacrifices our community would have to make. Ten (10) years of self governance shows a trend of unstable governments and a consistent decline in GDP hence citizens’ purchasing power and (social) wellbeing.
Our community suffers from sky-high youth unemployment, a diminishing middle income group and increasing poverty. If we talk about our future and that of our children, how long is seven (7) years?
Arend de Winter,