Suriname is slowly recovering from the economic crisis triggered by low oil and gold prices and the closure of the Suralco alumina plant. As oil and gold prices are rebounding and a new gold mine came on stream in October 2016, foreign exchange reserves are on the rise while the current account balance is expected to turn into a surplus in 2017. As the country’s liquidity vastly improved, its short-term political risk rating has been upgraded from category 6/7 to category 5/7. Nevertheless, the economic outlook remains challenging. Inflation is expected to remain high in the coming year (estimated at 60% at the end of 2016), GDP growth is likely to stay in negative territory in 2017 (after a contraction of 9% in 2016) and bank balance sheets are deteriorating, increasing the risk of a credit crunch.
04 Aug 2020
Suriname: Newly elected president inherits a country on the brink of a crisis
Event Mid-July, the National Assembly swore in Chandrikapersad Santokhi of the Progressive Reform Party as Suriname's new president. Santokhi's party ...