why suriName

The Republic of Suriname is situated in the north eastern part of South America, with a total area of 164,000 sq.km. and a population of 570,000. The country’s capital Paramaribo has roughly a quarter of the country’s population.

Suriname’s GDP grew 2% in 2018 and is expected to grow 2.2% and 2.5% in 2019 and 2020, respectively (IMF). The economy remains dependent on mineral sector exports. Other key economic indicators in 2017 include a 3.67 billion USD GDP, a 300 USD decrease in per capita GDP (13,900 USD), 50.5% of GDP in gross national savings, 144,000 people in the active work force, 9.1% unemployment, and 14.9% of GDP collected through taxes.

The inflation rate closed at 7.8% in 2018 and is forecasted at 6% and 5.7% in 2019 and 2020, respectively. In general, Suriname’s economy is characterised by strong dependence on exports of extractives and a large public sector. Alumina, bauxite, gold and oil have historically made up around 75% of total exports.

The Government plays a large role in the economy by employing over half of all workers. State owned firms also dominate a number of industries. Challenges include a weak fiscal situation, rising public debt, an underdeveloped monetary policy framework and a vulnerable banking sector. In order to maintain its macroeconomic stability, the Government has started a privatization programme.