Poll: Bad or severe economic impacts expected

Almost 70 per cent of the respondents to the most recent caycompass.com online poll think Cayman’s economy will feel a fairly bad or severe impact as a result of the US financial crisis.

Of the 736 respondents, 510 (69.3 per cent) believed the impact would be fairly bad or severe, with 299 (40.6 per cent) saying it would be fairly bad and 211 (28.7 per cent) saying it would be severe.

‘I think we are in for a rough ride ahead,’ said one person.

‘It is impossible to avoid,’ said another respondent.

‘The building boom should drive the local economy to a certain extent, but the finance and tourism industries are bound to take a hit,’ said someone else. ‘This means some big spenders won’t be spending here anymore.’

‘It’s a global downturn in the economy,’ said another person. ‘Nowhere is immune.’

Another 173 people (23.5 per cent) thought the impact would only be moderate.

‘I have felt the impact for some time now,’ said one person. ‘Gas prices were quick to go up but don’t want to drop; electricity bills are up; groceries, home insurance, health insurance are all up, which means my paycheques are down.’

Forty respondents (5.4 per cent) didn’t think the Cayman Islands would feel much impact from the US financial crisis.

‘God is able,’ said one person.

‘We have money here,’ said someone else.

Thirteen people (1.8 per cent) responded ‘don’t know’ to the poll question.

‘Who knows?’ said one respondent. ‘Government must plan ahead and not let outsiders decide for us what to do with our money.’

‘It’s going to depend on how things are done,’ said another person. ‘If done properly, we should make it just fine. If done wrong… only time will tell.’