July 31, 2020

A nationally coordinated effort for Economic Recovery and Innovation

Aruba, just as the rest of the world is now in a state of crisis due to the outbreak of the covid-19 pandemic (also known as the coronavirus). This pandemic has severely affected economies all over the world. The economic consequences for Aruba are enormous, and are visible in our society.

Aruba’s small island economy is heavily dependent on international tourism, around 80% of which comes from the United States of America, a country currently also hard hit by the Covid-19 pandemic.

After explicit attention for an urgent public health and humanitarian response to the coronavirus pandemic to save lives and provide emergency support to the citizens, the focus has now turned to the economic response for the crisis situation.

The lock-down measures and the absence of visitors on the island has halted our economy, the effects are long-term, and an eventual recovery will take time and a new way of thinking.

For Aruba the motto ‘business as usual’ no longer applies. We need to re-think our strategy, and the decisions we make going forward need to contribute to Aruba becoming a resilient island.

A nationally coordinated effort for Economic Recovery and Innovation

The Government of Aruba has therefore initiated a nationally coordinated effort to develop an actionable plan for Economic Recovery and Innovation. The plan seeks economic growth that is smart, inclusive and sustainable and aims at putting the crucial conditions in place for the resilient economy we need on the long term, while achieving immediate short-term benefits, with the widest national support.

In this regard, the Recovery and Innovation Committee was established by the Council of Ministers, and announced by the Prime Minister of Aruba in April 2020 with the task to develop:

  • a vision for our transformed economy;
  • structural reforms as condition for a sustainable economic recovery, stability and growth;
  • identification of (new) strategic sectors that add value to our economy;
  • a policy framework to direct major private and public sector investment decisions.