Cayman not betting on quick recovery

A large majority of the 700 voters in the most recent Caymanian Compass on line poll think the country’s economy will either never get back to pre-recession levels, or will be extremely slow in doing so.

Nearly 80 per cent of those who voted did not expect economic recovery until the second half of 2010, if ever.

According to those who participated, some 30.5 per cent, 213 people, said economic recovery wouldn’t occur until 2011 or beyond. One voter estimated recovery by 2013.

Another big block of voters, 29.5 per cent, or 206 people, believed that Cayman’s economy will never get back to what it was before the recession hit.

Respondents who indicated Cayman would never fully recover either saw the glass as half-full, or half-empty.

‘The goose that laid the golden eggs left!’ one poll voter said.

‘The financial industry will never completely recover from what it will have to do to appease the US, UK and OECD,’ another participant opined. ‘The Golden Era is over, but things can still be pretty good here with the right leadership.’

The third largest group of poll voters, 19 per cent or 133 people, said they expected the economy to recover toward the second half of 2010.

‘Hopefully, it will be as soon as possible,’ said one person voting in that category.

A fair few voters, 15.3 per cent or 107, were looking forward to economic recovery by the first half of next year.

The fewest voters, 5.7 per cent or 40 people, expected the economy to recover later this year.

The Compass poll is a non-scientific tally of participants who choose to make their voice heard on the www.caycompass.com website. The votes are monitored by Compass IT staff to weed out duplicates.

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