Suriname

The Republic of Suriname, more commonly known as Suriname or Surinam, (formerly known as Netherlands Guiana and Dutch Guiana) is a country in northern South America, in between French Guiana to the east and Guyana to the west. The southern border is shared with Brazil and the northern border is the Atlantic coast. The most southern parts of the borders with Guyana and French Guiana are disputed (upper Corantijn and Marowijne rivers—the map shows the Guyana and French Guiana versions of the border).

Economy

Main article: Economy of Suriname

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The economy of Suriname is dominated by the bauxite industry, which accounts for more than 15 percent of GDP and 70 percent of export earnings. Other main export products include sugar, and Suriname has some oil and gold reserves. About a quarter of the people work in the agricultural sector. The Surinamese economy is very dependent on other countries, with its main trade partners being the Netherlands, the United States and countries in the Caribbean.

Related Topics:
Economy - Bauxite - GDP - Sugar - Oil - Gold - Agricultural - Netherlands - United States - Caribbean

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After assuming power in the fall of 1996, the Wijdenbosch government ended the structural adjustment program of the previous government, claiming it was unfair to the poorer elements of society. Tax revenues fell as old taxes lapsed and the government failed to implement new tax alternatives. By the end of 1997, the allocation of new Dutch development funds was frozen as Surinamese Government relations with the Netherlands deteriorated. Economic growth slowed in 1998, with decline in the mining, construction, and utility sectors. Rampant government expenditures, poor tax collection, a bloated civil service, and reduced foreign aid in 1999 contributed to the fiscal deficit, estimated at 11% of GDP. The government sought to cover this deficit through monetary expansion, which led to a dramatic increase in inflation and exchange rate depreciation. Suriname's economic prospects for the medium term will depend on renewed commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition.

Related Topics:
1996 - Wijdenbosch - Structural adjustment - Tax - 1997 - 1998 - Mining - Construction - Utility sector - 1999 - Inflation - Exchange rate

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Suriname joined Caricom in 1995.

Related Topics:
Caricom - 1995

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