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Suriname – Important Facts

Suriname is a country located in Northern South America bordering the North Atlantic Ocean. Neighboring countries include Brazil, French Guinea, and Guyana. The geography of Suriname consists of rainforests, savanna, coastal swamps, and two mountain ranges: the Bakhuis and Van Asch Van Wijck Mountains. The government system is a constitutional democracy; the chief of state and head of government is the president. Suriname has a mixed economic system, but private-sector development is hampered by the government’s presence in the economy. Suriname is a member of the Caribbean Community (CARICOM).

The economy is dominated by the mining industry, with exports of oil, gold, and alumina accounting for about 85% of exports and 27% of government revenues, making the economy highly vulnerable to mineral price volatility. Economic growth has declined annually from just under 5% in 2012 to 1.5% in 2015. In January 2011, the government devalued the currency by 20% and raised taxes to reduce the budget deficit. As a result of these measures, inflation receded to less than 4% in 2015.

Suriname’s economic prospects for the medium term will depend on continued commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition. The government’s reliance on revenue from extractive industries will temper Suriname’s economic outlook, especially if gold prices continue their downward trend.

Important Details

  • Country ISO3 : SUR
  • Country Code : 740
  • Income Group : Upper middle income
  • Lending Category : IBRD
  • Region : Latin America & Caribbean
  • Currency Unit: Suriname dollar
  • WTO Member : Yes
  • Trade organisations : WTO, Unasur
  • world rank : 134
  • Regional Ranking : 23rd in the South and Central America/Caribbean Region