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New economic model to kick start sustainibility in Aruba

New economic model to kick start sustainibility in Aruba

New economic model to kick-start sustainability in Aruba. 

Aruba, like many other small islands, is currently facing a new set of challenges that are interrelated that puts its economy, its citizens, and its environment at risk. This includes reductions in the economic growth, reductions in buying power, destruction of the environment, shock due to inflation, restrictions in capacity. 

In order to face these challenges, there’s an urgency to adopt a new economic model that is inclusive and sustainable. On Thursday, March 30th 2023, the Minister of Economic Affairs, Geoffrey Wever, will present to parlament in a public meeting in order to continue fortifying action plans that will be implemented between 2023-2025. 

Even though the economy of Aruba has grown nominally over the past decades – the same level of growth cannot be felt by the locals, meaning the real economic growth. A continuation of growth like the one in recent years will not convert in the same economic growth to the general public. 

At the same time, Aruba is facing challenges when it comes to the environment that puts our natural resources and biodiversity at risk. Destruction, contamination, and poor management of our natural resources has a significant impact on the fragil ecosystem of the island. 

Worldwide inflation has also increased, and this brings along with it a price increase for products and services, which reduces buying power for Aruban locals. Our dependence has a significant impact on the island economy, the consumers buying power, and the profitability of companies. 

As a country we need to enfasize on this transition. An new economic model to diversify the economy, reduce dependency, and promote new industry developments. With the action plan 2023-2025 will start to implement projects immediately to kick-start the transition of sustainibility, and offer long term solutions as soon as possible for the various challenges that Aruba has and will face. 

#Sustainability #WindPower #SolarPower #NewEconomicModel #Aruba

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