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• woensdag 8 februari 2023

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Aruba in the lead

AMSTERDAM – With the introduction of the Caribbean Investment Climate Index (CICI), some partners and consultants of the Amsterdam Economics Bureau want to fill a gap.

“Policymakers like to use economic rankings, but the countries in the Caribbean are often missing. The investment climate is particularly relevant for this region. The new index maps this out,” says Koert van Buiren, initiator together with Matthijs Gerritsen and Sjoerd Boerdijk.

“The small scale of the economy, the lack of access to international capital and the import dependence of many Caribbean countries make attracting foreign investors important, if not necessary. Caribbean countries often have attractive arrangements for foreign investors, such as granting “tax holidays” and offering guarantees. Such arrangements are costly and weigh heavily on public finances. With the CICI we measure the attractiveness of the investment climate of countries in the Caribbean region.”

Before the crisis

The first published CICI is based on data from before the corona crisis. As soon as the consequences of the corona crisis are visible, the index will be updated. “The CICI covers seventeen countries, including Aruba, Curaçao and Sint Maarten. The CICI score is made up of institutional and economic indicators that influence the investment climate. The CICI is made up of nineteen variables that determine the CICI score.

Variables relate to the strength of institutions, (growth of) prosperity, openness of the economy, the business climate and data availability. Not all variables are equally important. Economic growth, openness, the ease of doing business and the institutions have a relatively large weight; population growth, participation rate and government debt have a relatively small weight. ”

Aruba in the lead

Aruba is in first place in the first ranking, Curaçao is fifth. “The openness of the economy, the level of prosperity and the strength of the institutions in particular contribute to the high CICI score of the two countries. Aruba’s high government debt is unfavorable for the investment climate there. This debt leads to the crowding out of private investment and productive public investment, such as in education. The low economic growth and the low participation rate are deteriorating the investment climate of Curaçao ”, says Van Buiren.

Data availability is limited for both countries. The data availability of Sint Maarten is even too limited to calculate a CICI score. “Better data availability is essential for good policy-making and to be able to properly measure the results of the reform programs (country packages) that will be implemented in the coming years.”

Before the crisis

The first published CICI is based on data from before the corona crisis. As soon as the consequences of the corona crisis are visible, the index will be updated. “The CICI covers seventeen countries, including Aruba, Curaçao and Sint Maarten. The CICI score is made up of institutional and economic indicators that influence the investment climate. The CICI is made up of nineteen variables that determine the CICI score.

Variables relate to the strength of institutions, (growth of) prosperity, openness of the economy, the business climate and data availability. Not all variables are equally important. Economic growth, openness, the ease of doing business and the institutions have a relatively large weight; population growth, participation rate and government debt have a relatively small weight. ”

Aruba in the lead

Aruba is in first place in the first ranking, Curaçao is fifth. “The openness of the economy, the level of prosperity and the strength of the institutions in particular contribute to the high CICI score of the two countries. Aruba’s high government debt is unfavorable for the investment climate there. This debt leads to the crowding out of private investment and productive public investment, such as in education. The low economic growth and the low participation rate are deteriorating the investment climate of Curaçao,” says Van Buiren.

Data availability is limited for both countries. The data availability of Sint Maarten is even too limited to calculate a CICI score. “Better data availability is essential for good policy-making and to be able to properly measure the results of the reform programs (country packages) that will be implemented in the coming years.”

Bron: Curacao Chronicle

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