Despite redistribution, a solidarity levy will have a negative effect on the economy. | SMN News

Willemstad/Philipsburg:— The Centrale Bank van Curaçao en Sint Maarten (CBCS) has calculated the macroeconomic effects of a solidarity levy on the request of the minister of Finance of Curaçao. “The analysis reveals that the solidarity levy will result in an even deeper economic contraction in 2020 than was initially projected”, even though part of the revenues from the levy will be allocated for income support for some of the vulnerable and most affected groups in society,” according to dr. Jose Jardim, interim- president of the CBCS.

The economy of Curaçao has been hit hard by the global outbreak of the

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