WILLEMSTAD – Curaçao's positive economic figures do not tell the full story of how residents are doing financially, according to PAR faction leader Quincy Girigorie, who says economic growth must translate into tangible improvements for ordinary households.
Speaking in connection with the celebration of 16 years of Curaçao's autonomous status, Girigorie acknowledged that the country's finances have become more stable and that the economy is recording strong growth.
However, he argued that those achievements coexist with serious socioeconomic problems.
Girigorie cited figures indicating that around 30 percent of the population lives in poverty, 60 percent carries debt and 40 percent of workers earn no more than the minimum wage.
He also pointed to the tax burden, Curaçao's relatively limited proportion of highly educated residents and rising housing prices as challenges that are putting increasing pressure on households.
According to the PAR leader, the middle class is also finding it increasingly difficult to make ends meet.
Girigorie used the anniversary of October 10, 2010 to raise a broader question about the purpose of economic development: who ultimately benefits when an economy grows?
Referring to a similar question previously raised by Aruba Prime Minister Mike Eman, Girigorie said economic expansion should ultimately result in greater prosperity for the population rather than simply producing favorable macroeconomic indicators.
His comments come as the government points to economic growth of 5.1 percent last year, recent budget surpluses and progress in reducing the country's debt burden.
Prime Minister Gilmar Pisas nevertheless acknowledged during the Dia di Pais Kòrsou celebration that approximately three out of every ten residents live below the poverty line.
The government is now preparing a new poverty reduction plan that Pisas expects to bring before the Council of Ministers this month. Implementation would subsequently begin in several vulnerable neighborhoods.
Girigorie, however, argued that isolated measures will not be sufficient to address Curaçao's socioeconomic challenges. He called instead for structural solutions capable of ensuring that economic progress reaches a broader section of society.
His concerns were echoed from a different perspective by PNP faction leader Sheldry Osepa, who questioned how much the daily lives of residents have improved during 16 years of autonomous status.
Osepa pointed to residents struggling to cover their expenses, graduates having difficulty finding employment and housing becoming increasingly unaffordable.
The different political perspectives highlight an increasingly important question for Curaçao as the economy expands: whether the country's improved financial performance is being converted into higher living standards across society.
With the government preparing its new poverty reduction strategy, attention will now turn to whether the measures proposed can bridge the gap between Curaçao's economic growth and the financial reality experienced by lower- and middle-income households.