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Cruise Tourism Sees Signs of Recovery

The Netherlands Antilles is experiencing a boost in its economy, with an estimated 2% increase in cruise tourism over 2002. The industry has been showing signs of recovery since 2001, with private investment increasing by 20% and air travel capacity expanding.

Economy Sees Modest Growth

According to the latest reports, the country’s economy has also shown modest growth, with a projected 0.5% growth expected in 2003. Unemployment rates have decreased from 14.1% in 1999 to 12.9% in 2000, and inflation has dropped to 0.4% in 2002.

Financial Sector Improvement

The financial sector is also showing signs of improvement, with the banking system experiencing a decrease in non-performing loans and an increase in provisions against these loans. The central bank has provided net credit to the government to help eliminate payment arrears, which had been affecting banks’ credit portfolios.

• Well-developed and well-functioning financial regulatory framework
• Strict bank licensing policies
• Compliance with international standards on banking supervision, insurance supervision, anti-money laundering, and investment institution supervision

Business Environment Changes

The business environment in the Netherlands Antilles is also undergoing changes, with increased pressure to combat drug trafficking and money laundering, and a growing awareness of the importance of better quality financial sector supervision. As a result, there is an increasing trend towards greater disclosure and transparency in the business community.

Positive Impact on Economy and Financial Sector

These developments are expected to have a positive impact on the country’s economy and financial sector, making it an attractive destination for investors and tourists alike.