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Tourism and the offshore financial sector have been the mainstays of the Netherlands Antillesí economy since the 1970s. The late 1980s and early 1990s brought growth, but hurricanes, pressure on the offshore sector, tighter monetary policy, and debt accumulation have caused contraction since 1996. High debt led the Government of the Netherlands Antilles to seek assistance from the IMF and the Dutch Government, through the IMF's Structural Adjustment Program. The current administration seeks to lessen dependency on the IMF. The unemployment rate remains high, at around 14%, but the Bank van de Nederlandse Antillen is predicting modest recovery of demand and perhaps even growth in the near future. The economy remains dependent on tourism, which has suffered from the terrorist attacks of September 11, 2001, and lacks major agriculture or manufacturing, with the primary source of exports coming from the oil refining industry. Overall, these islands enjoy a high per capita income and a well-developed infrastructure compared with other countries in the region. |
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