Dear Editor,
One of the departments of the Sint Maarten Government is the Ministry of Economic Affairs (Part of TEATT). Online it is stated that this department has the following Mission:
“Our aim is being the primary institute for delivering policy for the stimulation and facilitating of a sustainable economic development of Sint Maarten, and to provide it in a swift and professional manner to be analytical, objective, thorough and provide reliable information.”
This department has worked for many years on economic models that have been the basis of advice to the executive branch. I was privileged to benefit from an explanation on a sophisticated econometric model that allowed the creation of forecasts of how the economy would be impacted by new injections of all types or changes in service availability. So, I know the expertise was hired and in place. It was impressive, and I expect that it cost taxpayers a considerable sum.
We now find ourselves after Irma wondering how fast this economy could recover. We find ourselves in unique circumstances with the “upstream” services like the airport capacity being highly reduced, as well as the “downstream” services (restaurants, hotels, tours) also being reduced. Clearly, there must be a strategy for a return at all levels. If the upstream does not start up, the downstream is going to be loath to invest. In the meantime, capital investments experience reduced returns and values reduce, banks are put under pressure and the public-sector revenues suffer and will require adjustments in expenditure.
What will increase the chances of breaking out of the hurricane-induced downward spiral? Despite the dramatically changed economic circumstances and the obvious need for the information promised in their mission, I see no reference to any proactive economic planning being executed in these dramatically-changed circumstances that would offer the best route to recovery.
Surely, this is the time for this government department to provide the analysis, use the accumulated statistics and provide an objective case for a strategy for a return to previous economic levels? There has been no publicly-issued evidence that the expenses, which the taxpayer is paying for, are monitoring the Irma economic downturn, nor that they are laying out what strategy would bring us back to pre-Irma economic activity levels. Is it not reasonable to expect such a material to be available?
Robbie Ferron
