Monaco’s economy has bounced back strongly from the ravages of the coronavirus pandemic, Government ministers told journalists on Thursday.
All employment sectors grew from 2019 until 2021, except restaurants. In fact, 2018 and 2019 were excellent years for the Monaco economy, which makes the rebound even more remarkable.
Only the hotels and restaurant sector on one hand and property sales on the other registered a decrease in turnover between the last quarter of 2020 and the same quarter of 2021.
Jean Castellini, Minister of Finance and Economy, said that 2021 was not like 2020, when a total lockdown was put in place. Working from home, he said, was indispensable for economic recovery but it had an impact on certain sectors, such as restaurants.
All the big events are back this year, starting with the Rolex Masters and followed by the three Grand Prix, which are very important for hotels and restaurants, he added.
Minister of Health and Social Affairs Didier Gamerdinger said that the health crisis is not behind us. Infection rates rose 20 percent last week and the situation in the neighbouring Alpes-Maritimes is very similar.
The health situation and the economy are closely linked. “We protect the economy by taking care of our health needs,” he said.