Chambers’ Annual Address: Economic Outlook for 2020 and Beyond

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"The global context" speech Billy Jonckheer Chairman of the Curaçao Chamber of Commerce and Industry: At this occasion I want to start by pointing out global developments. Why? Our Chamber has indicated in its vision document "Ban Sembra awe pa kosecha mañan", that we should aim to get our economy in sync with global developments. Our current disconnect hampers our economic success, as we are not anticipating nor tapping into the global innovations and technological developments that can create and offer us great opportunities!

In 2019, the world economy showed its lowest growth level since a decade. The surge in trade tensions and record-high uncertainty about trade policies is likely to have inflicted lasting damage to world trade, as corporations have postponed investment decisions, amidst increasing doubts on multilateral cooperation. The current deceleration in the US, next to a huge budget-, public- and trade deficit, leaves little to no room for tax cuts or higher public spending. China’s economy is set for a structural shift to lower growth.

According to the BBC, the Chinese government passed a 300 billion US dollar tax cut last year to stimulate household consumption and investments. The recent slowdown in the emerging market economies is also fed by trade tensions.

Finally, in Europe – although the solid performance of the labor market helped sustain private consumption and domestic demand – they have seen a sharp slowdown in external demand and a contraction in manufacturing.

Cooperate, cooperate, and cooperate! –