Philipsburg (DCOMM):--- The Department of Economy, Transportation & Telecommunication (DETT) has began its 1st Mini Caribbean Conference on Macro Economic Analysis and Modeling at Divi Little Bay Hotel.
The conference's primary goals are to exchange ideas and expertise on how to use macroeconomic models to assist in policy preparation, and forecasting. The group will meet, during the week, with other internal and external stakeholders, i.e. Economist from Suriname, the Statistical and Finance departments and the Chamber of Commerce, the St. Maarten Trade and Tourism Association, among others.
Secretary General, a.i., of the Ministry of Tourism, Economic Affairs, Transportation & Telecommunication (TEZVT), Miguel de Weever, welcomed the audience on behalf of the Minister of Economic Romeo Pantophlet, who could not be present.
De Weever said that it is a great pleasure that we reached this level. This economic model will assist in constructing policy and serves as the foundation for making sound decisions. It is the hope that this conference expands to include other countries within the region and for us to exchange ideas, confront challenges, and share information and solutions
As for the model itself, which is meant to provide information beyond impact analysis, de Weever said that it should be fine-tuned for consistency, user friendliness, adoptability, and sustainability.
Head of Department of Economy, Transportation & Telecommunication (DETT) Mrs. Lucy Richardson who chaired the opening further explained about the inception of the Model and the purpose of the conference.
Richardson explained that work on making the model come to fruition started since 2010. Special mention should be given to funding agency USONA, the department's technical partners such as Micromacro Consultants, Kalmera BV and other internal and external partners, for providing the necessary data, and feedback on economic developments and trends.
Richardson indicated that her department is responsible for many things, one of which is the monitoring, evaluating, and forecasting of economic activity. For such, the model is a vital tool, that enhances the process. This conference, which will be an annually event, hosting regional economist, affords us the opportunity to create a platform where we can share expertise on the use and development of macro-economic models and key indicators.
Two presenters from the DETT, Jude Houston and Erika Radjouki presented the macro economic model for St. Maarten, namely, SMAART.
After this presentation, Sara Delgado, a Jr. Consultant with the firm Micromacro Consultants BV, provided information on the Macro/Micro economic model of Cape Verde islands as well as the two economists from Suriname.
