Weekly Meeting November 9th

Secretary General from the Ministry of Tourism, Economic Affairs, Traffic & Telecommunication (TEATT) Miguel De Weever, as our Guest Speaker.
On Tuesday November 9th, we had the Secretary General from the Ministry of Tourism, Economic Affairs, Traffic & Telecommunication (TEATT) Miguel De Weever, as our guest speaker. His topic was: ” State of the Economy, St. Maarten”.
 
The Ministry of TEATT is responsible for the social-economic development planning of St. Maarten. With an emphasis on the development of employment and growth on the economy, through the stimulation of various sectors and industries. The Ministry strives to accomplish its goals via legislation, policies and several various public services.
Miguel started with the impacts of Hurricane Irma & COVID-19 on St. Maarten.
The General Economic Developments:
  • CBCS report, GDP forecasted in 2021 to grow by 3.4% & 14.4% in 2022
  • Inflation is projected to be 2% (approx.)
  • Tourism development (COVID-19 & Recovery)
  • Lower Domestic Demand & Decrease of Imports 
  • Price Incr. due to Imported Inflation (Supply Chain issues)
  • Economy is defined as experiencing "Stagflation"
  • Need to recognize that we are in a Crisis (unusual times)
  • Crisis is short term and not permanent, the market will correct itself
  • The World (incl. SXM) is at a Crossroad
Miguel explained about the Economic Recovery
Policy Initiatives (Short Term), and the Diversification Industries.
The Economic Recovery Priorities are:
  1. Tourism Recovery
  2. MSME Development
  3. Agricultural Development
  4. Pricing Study
In conclusion, Miguel shared about the Economic Recovery Policy Initiatives (Dilemma's:
  • Increase in Business Activities
  • Increase in Noise Pollution
  • Increase in Traffic & Vehicles (also Accidents)
  • Spatial Congestion & Dilemma's
  • Hard of Surfacing and leading to Flood Dangers (development problem)
  • Limited Available Land & Challenges (building areas, parking, etc.) & Upward Pressure on Prices
  • Corporate Social Responsibilities (CSR)
  • Dialogue Needed & Extent of Gov't Intervention
SG Miguel was presented with a Certificate of Appreciation after an informative presentation.