Because the first quarter of 2020 was marked by the start of The economic figures relate to sectors such as tourism, real estate, trade and finance. Monaco economic growth for 2018 was $7.18B, a 11.99% increase from 2017. Data is collected from State Services (including the Tax Department, Tourism, Budget and Treasury) Caisses Sociales de Monaco and the French Customs Statistical Information Centre.Monaco Announces New Precautionary Measures To Keep Safe Against Covid-19Man found Guilty of Falsifying Concrete Samples for Anse du PortierNew President of Monte-Carlo Country Club is appointedSingle Buoy Moorings Offshore: 180 jobs threatened in MonacoPrincess Charlene’s Summer Campaign for Drowning PreventionArtistic and Musical Encounters at the International Organ Festival of Monaco 2020Prince Albert appreciates Urban Painting Around The World and other princely newsDiscover the Most Recent Trail-Blazing Start-Ups Incubating in the PrincipalityWe use cookies to ensure that we give you the best experience on our website. 1009 (dated March 10, 2020) on June 16, which establishes a legal framework for the raising of funds by emission tokens (Initial Coin Offering or ICO) in Monaco. Economic figures for the first quarter of 2020 were recently published and the results are dismal, and understandably so. Unveiled last June, the new economic aid initiated by the Prince's Government is evolving to present a more targeted character for "companies which have been strongly and durably impacted by the consequences of the covid 19 crisis", as explained by Jean Castellini to the Gazette de Monaco.. Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.To kick start recovery, the government has announced today measures in four key areas, with continued support in financial assistance and the development of e-commerce (with a nod to PayPal).The Reinforced Total Temporary Unemployment (CTTR) measure, which affected 21,650 employees in mid-March and 14,700 in May, has cost the State €70 million. Devastating Economic Results for Monaco’s First Quarter 2020Economic figures for the first quarter of 2020 were recently published and the results are dismal, and understandably so. Furthermore, the National Council voted on law No. The number of people arriving decreased (-18,772). Monaco is also looking to develop e-commerce, including the authorization of PayPal and better SEO placement in search engines. *The figures in the Economy Bulletin, published by the IMSEE, are compared with those for the equivalent quarter of the previous year. CTTR is set to continue in June for all businesses that resumed activity from May 4, but the State’s contribution will be reduced by 10% in July and a further 10% in August, with company’s having to make up the difference.For cafés, restaurants and other businesses that reopened on June 2, the 10% reduction will take effect in August, while shuttered nightclubs will continue to get CTTR support, with special cases in Monaco-Ville continuing to benefit 100% from assistance.From July, up to 620 companies in tourism, events, culture and sports whose 2019 turnover was less than €1 million and who lost a minimum of 20% of their June turnover can expect the State to cover half of their social security contributions (retirement and illness), with the exception of those already receiving State subsidies.Under the chairmanship of minister of finance Jean Castellini, the Economic Recovery Support Commission (CARE) will meet weekly from July to discuss businesses with a turnover of less than €5 million in difficulty.
On June 25, a memorandum of understanding was signed with Tokeny, a tokenized asset startup in Luxembourg whose owners include the European stock exchange operator Euronext N.V.These developments are in line with Princes Albert’s vision as “Monaco in a digital world is an opportunity to start a new cycle of prosperity by boosting our economic areas of excellence but also by creating new growth drivers.”And finally, Larvotto Beach will reopen to the public (complete with jellyfish nets) from Saturday, July 4, until Sunday, September 13, from 7 a.m. to 8 p.m. in July and August, and from 8 a.m. to 7 p.m. in September. She has been the Editor-in-Chief of Forbes Monaco magazine (bimonthly in English) , since the magazine's 2nd issue . Only one cruise ship stopover took place in January. On June 30th, the Prince’s Government presented its plan to revive Monaco’s economy, which has been hit hard by the coronavirus epidemic. Macroeconomic statistics of Monaco for 2019-2020 years. Given the grave economic consequences caused by COVID-19, Monaco Tribune has set out to meet some of the Principality’s young entrepreneurs to discuss their perception of the current crisis, the challenges they have faced and the possible innovations to overcome such hardships. Nancy Heslin is an established journalist and lifestyle writer. Furthermore, the National Council voted on law No.