Tourism Has Driven Very Strong Economic Growth In Curaçao In 2023 And 2024

Curaçao’s Minister of Economic Development, Ruisandro Cijntje, recently proudly announced that the tourism sector is the main force behind Curaçao’s economic growth in 2023 and 2024. With a focus on tourism, the sector has surpassed pre-COVID levels, attracting new airlines and boosting hotel investments. Additionally, initiatives like an underwater research lab and a sea aquarium aim to enhance the tourism product.

The facts and figures of the island’s tourism industry
The tourism sector’s contribution to the total amount of foreign currency on the island is approximately 45% and the sector forms around 30% of Curaçao’s GDP. This brings with it the recognition that the sector still has the potential to grow even more, and there is room to further diversify the tourism sector, especially when compared to most islands in the region where the contribution of tourism to GDP percentage is higher.

This notwithstanding, the island’s tourism numbers continue to set new precedents: in November 2023, a historic achievement was celebrated when over 500,000 stay-over tourists visited Curaçao. The objective for this year, 2024, is to attract around 670,000 stay-over tourists to Curaçao. In this regard, together with the Ministry of Economic Development and the Curaçao Tourist Board (CTB), Minister Cijntje is preparing some conferences leading up to the main conference on the occasion of World Tourism Day, which is on September 27th. During these conferences before September 27th, the Minister will address the different phenomena that the growth of the sector brings and the management that needs to be taken into account regarding the challenges that accompany the development of the sector.

Placing Curaçao’s growth in a regional context
Notably, Curaçao is in a growth phase compared to other regional economies. This comes into view in the latest World Bank report from last Friday, which outlines growth projections and challenges for Latin America’s economies. Panama’s growth forecast for 2024, for example, stood significantly lower than January’s forecast estimate due to the closure of a copper mine.

Diversification continues to play a vital role
Cijntje aims to further enhance the tourism market and product diversification. Efforts are underway to diversify the economy through the National Export Strategy, focusing on sectors like medical and wellness, tourism, IT, and education. In addition, Cijntje is leading the creation of a comprehensive economic plan to ensure long-term sustainable development. This plan prioritizes green, resilient, and inclusive growth, aiming to recover lost ground and revitalize all sectors of the economy.

Despite global challenges, Curaçao’s economy is expected to continue growing, according to projections by the Central Bank of Curaçao and St. Maarten. Together, these efforts aim to ensure continued economic growth for the benefit of all.