The section of Economic Policy & Research is in charge with doing research, formulation, development, analysis and giving advice concerning a sustainable economic policy.
The main goal of the section is to contribute to sustainable economic development of Aruba by formulating, monitoring economic policy, conducting research on social, economic, environmental issues and gives advice on the Aruban economy.
The section of Economic Policy and Research:
a. Analyzes sustainable economic policy proposals and evaluate the effects of policies that are already implemented;
b. Evaluates the possible effects of proposed new policy intentions in various areas on their consequences, efficiency and effectiveness and advises the Minister on this matter;
c. Conduct research in a large number of other areas such as the economic effects of globalization, education, aging, care, economic development and market forces and;
d. analyzes and advises on the consequences of activities and investments in the private sector and their impact on the Aruban economy.
Beside policy analyses, evaluation and research, the section is also responsible for the development and maintenance of the macro-economic model MARUBA and produces the economic forecasts of the Aruban economy. These prognoses are being published annually in the “Economic Outlook” and Macro – Economic Review.
Finally, within the framework of the SDGs, the section contributes to the analysis and monitoring of the corresponding SDG targets and indicators and carries out the necessary examinations.
The main objective of the economic policy (Hunto pa Aruba, 2017) for the government period 2017-2021 is to improve the investment climate in Aruba and to stimulate an innovative, competitive and diversified economy, which contributes to a higher quality of life for all citizens.
The economic policy will be implemented as part of a circular economy that stimulates sustainable development on a structural basis, taking our people and nature capacities into consideration.
This objective is being pursued by:
Stimulating economic growth;
Reducing the cost of living;
Diversifying our economy;
Creating a sustainable primary sector;
Reinforcing, implementing and introducing of policies on the labor market and the enhancement of production;
Developing the region of San Nicolas and neighborhood.
The government (2017-2021) implements a policy to safeguard a high level of quality of governance for a healthy and sustainable economic development and for the creation of investment and employment opportunities. At the same time, the focus is to reduce to cost of living, the cost of doing business on Aruba and adjust the red tape (bureaucracy practices).
This is necessary for a healthy investment climate that will lead to economic growth, which encompasses more job opportunities, business opportunities and the reduction on cost of living, which creates more well- being in each home.
Macro-Economic Model (MARUBA)
The participation of different institutions in a special installed committee (Commissie Macro-Economisch Model CMM) increases the possibilities for effective discussions and enhances the quality of the economic analysis. This contributes to enhance the Government’s ability to prepare and introduce new policies on economic issues in Aruba.
With the MARUBA the government of Aruba aims to improve the macro-economic decision making process which will be a useful tool in the process to acquire a balanced and sustainable economic growth.
Aruba Economic Outlook
The Aruba Economic Outlook gives you the projection for the most relevant economic indicators for the economy of Aruba, and is an important tool for policy making.