As the new Government settles in and starts to get to work tackling the many challenges facing the country, the economy is high on its list of priorities.
Some of the issues with the economy are global in nature and therefore generally out of the hands of Cayman’s elected Government. There are, however, things the Government can do to address certain issues of the local economy, and it has promised an economic recovery plan will be in place by the end of this month.
We are encouraged with the consultative approach the new Government has taken in its early days as a means of assessing the needs of the both the financial and tourism industries in developing its economic recovery plan.
The Government is aware that Cayman faces a difficult summer economically and there is a very real possibility a number of local businesses could fail this year.
While the country waits to see what the economic recovery plan entails, there are certain things the public can do to support the Government’s efforts.
Many of the local tourism accommodations are offering special rates this year, some of which are designed specifically for Cayman Islands residents. The idea is to try to get residents to take ‘staycations’ on island, rather than vacations off island. By doing so it helps keep dollars in the country rather than supporting the economies of off-island vacation destinations.
Although some residents might think it silly to rent a tourist accommodation on island when they already live here, a staycation can be just as relaxing and interesting here as a trip somewhere else – and less expensive, too, because you don’t have to pay for things like flights and rental cars. In addition, many tourist attractions and watersports activities offer discounted rates for residents, and many restaurants are offering specials for residents this summer.
The Cayman Islands offers a wonderful vacation opportunity, with a variety of activities, great restaurants and some unique attractions. And it’s all here without the hassles of modern travel, including the long lines at customs and immigration, security checkpoints and delayed or cancelled flights.
Too often, Cayman residents get so caught up in their daily routines they have little time to take advantage of all the islands have to offer as a tourist destination. This year is as great time to do just that, not only because of the great deals being offered by hotels and restaurants, but because it will support the local economy as well.
Even if it’s just for a weekend, we urge residents to consider a Cayman staycation this summer to support all the local tourism-related businesses that need all the help they can get.