Aruba To Fall Into A Deep Recession In 2020, As Covid-19 Stalls Tourism Industry

• The global spread of the Covid-19 (coronavirus) pandemic will significantly impact Aruba’s economy, as domestic restrictions and a sharp drop in demand for travel will push the country into recession in 2020.
• Fitch Solutions forecast -13.0% y-o-y real GDP growth in Aruba in 2020, down from the previous forecast of 0.7%, as risks from the virus have played out.
• While the Aruban government’s prompt response to its domestic outbreak offers some reason for optimism, risks to our view are heavily to the downside.

 (Source: Fitch)