Published On: Tue, Apr 14th, 2020

What’s next?

Editorial - St Maarten NewsThere is a meme on social media depicting COVID-19 as a tsunami wave while behind that wave is a bigger tsunami wave with the name “Recession”.

We think this an appropriate way of how we see things developing right now. Because, as we keep looking past the COVID-19 crisis into the post-pandemic period, we see another crisis and we see something even worst than a recession. We see a depression.

So the big question we must ask ourselves is: what can we quickly do to start up income-generating (business) activities to reboot our economy as fast as possible?

A recession – or even worst, a depression – is perhaps the biggest risk we will be facing the coming times. A risk that is bigger than the corona virus itself. The virus is hopefully temporary but the impact on the economy may be long lasting. We are definitely in this for the long haul.

For years, we have heard the cry that we need to diversify our one-pillar tourism-based economy. Certainly we will heed that call now in a post-pandemic period. But that is an objective that may only be realized in the medium to long term. But our problem is in the immediate and short term.

So what’s next? What can we do to jumpstart our economy?

And do it fast we must, before the expected recession turns into a depression.