Economy in recession

The Chamber of Commerce of Curacao (CCC) about the state of our economy of Curacao.

The CCC has established for 2011 a contraction of 1/4 % (0.25%) and is forcasting a contraction for the first quarter of 2012 of 1/2 % (0.5%).

This means that the economy of Curacao is officially in a recession.

Wikipedia
Recessions generally occur when there is a widespread drop in spending, often following an adverse supply shock or the bursting of an economic bubble. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply, increasing government spending and decreasing taxation.