Topic: economy
TechCayman sees increase in Indian start-ups
Cutting-edge Indian firms are already making their presence felt in Cayman and have based top-tier talent in the islands, experts say.
PPM fights back on finances and immigration
Former finance minister Roy McTaggart has dismissed suggestions that the PPM is to blame for the state of the country’s finances and urged his rivals to accept responsibility and 'take the heat'.
Marketwatch: Is European defence spending a path to sustainable outperformance?
Markets have defied consensus expectations coming into the year. The theme of ‘US exceptionalism’ has unwound abruptly, with global equities outperforming US equities and the dollar depreciating versus almost every other major currency.
Marketwatch: Green shoots in Europe
Global markets have been swept up in a wave of risk-taking, fuelled by three key factors in the US: slowing inflation, strong economic growth, and expectations surrounding policy.
Apex chief: Cayman should use Singapore model to create new ‘golden age’
A top businessman has told a Cayman conference designed to prepare the country for the next ten years that it should look to Asian powerhouse Singapore and set up special funds to boost the country.
Cayman told not to kill business goose that lays the golden eggs
Steve McIntosh, the CEO of Cayman Finance, has warned an international conference that Caymanian complacency was a serious threat to the health of its financial services industry.
Average wage levels could ‘hide’ poverty figures, says finance expert
The latest Cayman income survey underlines the need for a boost to the minimum wage, an expert has said.
Marketwatch: Mid-year economic insights
It has now been a full 12 months since the Federal Reserve paused raising interest rates after embarking on one of the fastest paces of monetary policy tightening in living memory
Panton: ‘Cayman’s economy is strong and getting stronger’
Premier Wayne Panton told MPs this week that Cayman’s economy remains strong with more growth predicted over the coming years.
Weak economic growth as trade declines in G20 countries
The gross domestic product (GDP) in the OECD area rose by only 0.3% quarter-on-quarter in the final three months of 2022.
CDB forecasts 5.7% economic growth in the Caribbean in 2023
Following a 10.3% increase in GDP in 2022, the Caribbean economy is expected to grow by 5.7% this year, according to estimates by the Caribbean Development Bank.
The Caribbean and the world at the end of an economic supercycle
Economists at the virtual conference ‘Into the Metaverse’ painted a gloomy picture of a watershed moment for the global and regional economy, as mounting geopolitical and social problems are dimming the economic outlook for next year.
Global economy to slow further
The OECD expects the global economy to slow further in the coming year as the energy shock triggered by Russia’s war in Ukraine fuels inflationary pressure and saps confidence and household purchasing power.
Lessons from the UK
Following the adverse market reaction to the now former Chancellor Kwasi Kwarteng’s mini-budget, the UK has found itself in the spotlight.
Tourism recovery boosts economic growth in first quarter
Economic activity in the Cayman Islands, in terms of real gross domestic product, is estimated to have increased by 3.8% in the first three months of 2022.
G20 GDP drops 0.4% in the second quarter
Gross domestic product in the G20 area fell 0.4% quarter-on-quarter in the second quarter of 2022 after rising 0.5% in the first three months, according to provisional estimates.
Cayman’s economy grows 3.8% in first quarter 2022
The Cayman Islands economy was slightly ahead of government’s growth projections in the first quarter of this year.
Economist: Shared vision needed for Cayman’s future
Caribbean economist Marla Dukharan says if Cayman is to develop in a meaningful way that addresses the inequalities in the community it must have a clear, collaborative vision plan.
Booms, busts and inflation
As the pandemic receded, it was hoped that the shift from buying durable goods to travel and leisure activities would help to bring inflation back down, but instead we have seen goods inflation remain high and rising prices are now spreading to services.
Premier: Fuel prices expected to go higher
As fuel prices at the pump in Cayman start to exceed CI$7 per gallon, Premier Wayne Panton has warned that prices will rise further and noticeably impact the financial situation of residents.
European economies losing momentum
The economies of Europe continue to lose momentum, while growth in the OECD area as a whole remains stable, according to trends shown by composite leading indicators.
You don’t know what you’ve got until it’s gone
Nicholas Rilley
The global economy has shifted from a multi-decade backdrop of oversupply to one of shortages as a result of the pandemic. Between 2000...
OECD warns war in Ukraine undermines global recovery
The OECD estimates global economic growth will be more than 1 percentage point lower this year because of the conflict.
Economic indicators point to high inflation and moderating growth
High inflation and energy costs, lower unemployment but also slowing wage growth in a weakening economy, make up the picture that is emerging in many developed economies.
Indicators point to slowing growth in major economies
The strong growth rebound since the economic crisis in 2020 caused by the COVID-19 pandemic may soon moderate in several major economies according to the latest OECD composite leading indicators (CLIs).
Halt to tourism weighed on Cayman economy, despite strong construction and finance sectors
Despite a booming construction sector and a solid performance of the key financial services industry, Cayman’s economic recovery was hampered by border closures and further declines in the hospitality sector during the first six months of 2021.
GDP growth of G20 accelerated in third quarter 2021
Gross domestic product (GDP) of the G20 area grew by 1.7% between the second and the third quarter of 2021, up from a moderate quarter-on-quarter growth rate of 0.4% in the second quarter, according to provisional OECD estimates.
Why the economic cycle is different this time
There are compelling reasons as to why this cycle is very different to the last.
Reports calls to address long-standing regional economic challenges
Latin America and the Caribbean is the region most affected by the COVID-19 pandemic, and at risk of seeing the socio-economic gains of recent decades being reversed, a new report has warned.
Financial services and construction expected to drive Cayman’s economy
Government believes financial services and construction are the main engines that will push Cayman through the recovery along with a re-emerging tourism sector.
OECD economies return to pre-pandemic level
Despite slower growth than in the previous quarter, the gross domestic product of the OECD area has attained its pre-pandemic level in the third quarter of this year.
China: How to ride the new wave?
China’s drive towards ‘common prosperity’, aligned with strengthening both national security and social welfare, has resulted in a new wave of regulation which may have a ripple effect that spreads far and wide.
The common pursuit of broad-based prosperity
The two largest countries in the world – the US and China – are currently pursuing strategies with similar objectives but very different paths.
G20 GDP growth slows to 0.4% in the second quarter of 2021
Growth in the world’s largest economies has slowed in the second quarter of 2021 but there are large differences among the growth rates of individual countries.
OECD: GDP accelerates but remains below pre-pandemic levels
Economic growth in OECD countries remains below pre-pandemic levels, despite a gross domestic product increase of 1.6% in the second quarter.
Economy contracted by 6.7% in 2020
Cayman’s economy contracted by an estimated 6.7% in the wake of the COVID-related lockdown measures last year.
Government to borrow $330 million to fund capital investments
Government intends to borrow $230 million in 2021 and another $100 million in 2022, to fund capital projects.
OECD increases 2021 global economic growth forecast to 5.6%
The Organisation for Economic Cooperation and Development has raised its 2021 global growth forecast to 5.6%.
Economy shrank by 8.2% in first three quarters of 2020
Economic activity in the Cayman Islands is estimated to have contracted by 8.2% in the first nine months of 2020, when measured as the gross domestic product in real terms.
Financial markets turn to optimism as economies are poised to recover
The global coronavirus pandemic triggered a historic sell-off in the stock markets only for them to mount a stunning recovery in equities before the end of 2020.
OECD area economic growth slowed in 4Q 2020
The gross domestic product growth of the Economic Co-operation and Development (OECD) area slowed to 0.7% in the fourth quarter of 2020 as most countries posted year-on-year declines.
Economy contracted by 11.4% in first half of 2020
Cayman’s gross domestic product fell by 11.4% in the first six months of last year.
OECD unemployment declines amid mixed market indicators
Unemployment in industrialised countries continued to decline at the end of 2020 as leading indicators in most advanced economies continued to improve.
Economist: ‘Cayman taking hit, but will recover nicely’
Cayman’s “really strong” economic and fiscal position means it is the best-placed country in the Caribbean to respond meaningfully to the current crisis, according to economist Marla Dukharan.
OECD sees improved economic outlook
The Organization for Economic Cooperation and Development believes the global economy will bounce back from the coronavirus pandemic, and grow by as much as 4.2% in 2021.
Economy grew by 1.9% in the first quarter 2020
Cayman’s economy entered the difficult period of the COVID-19 pandemic and related lockdown measures this year with a 1.9% first-quarter increase of its gross domestic product in real terms.
Retail and construction drove economic growth in 2019
The Economics and Statistics Office reported that Cayman’s economic performance in 2019 was one of the strongest in recent years, generating an estimated gross domestic product of 3.2%.
Rebuilding after ‘software ate the world’
Well-known Silicon Valley entrepreneur and venture-capital investor Marc Andreessen’s 2011 note claiming that “software is eating the world” will go down as one of...
Jobs cut as Dart scales back hotel operations amid COVID impact
The Dart group is scaling back operations at The Ritz-Carlton and Kimpton Seafire resorts in a move that will impact hundreds of jobs.
OECD unemployment falls
Unemployment in developed countries remains above pre-COVID 19 levels, but in Organisation for Economic Co-operation and Development countries, jobless rates fell on average to...
OECD countries report unprecedented fall in GDP
Following the COVID-19 pandemic-containment measures around the world, real gross domestic product in OECD countries has suffered an unprecedented 9.8% fall in the second quarter of this year.
Government projects 7.2% economic contraction in 2020
Cayman’s economy is expected to contract by 7.2% this year before recovering partially with a 6.4% expansion in 2021, according to Finance Minister Roy McTaggart.
Leading indicators strengthen after crisis in all major economies
Composite leading indicators for July in OECD countries continued to strengthen from the COVID-19-crisis lows across all major economies. However, the numbers remain below long-term trends and at levels lower than those recorded prior to the coronavirus outbreak.
Inside the ESO’s economic assessment and stimulus plan
The Economics and Statistics Office has this week released its COVID-19 Economic Impact Assessment and Stimulus Plan that is informing government policy on tackling the economic fallout from the pandemic. Finance Minister Roy McTaggart outlined the key findings of the report at the end of May, stating that the economy might contract by 12.2%, with nearly 10,000 jobs lost, including almost 3,000 Caymanian employees.
Signs of a reopening economy
As Cayman gradually restarts its domestic economy, thousands of workers are being given the green light to return to their jobs as part of the first phase of reopening.
How does a 15% contraction feel? Like 2013 – only worse
Current economic projections predict recessions all over the world at levels rarely, if ever, seen before. The Cayman Islands, for instance, is facing a 15% contraction of its economic activity this year. But what does this really mean? In terms of economic activity, it would transport the islands back to where they were in 2013.
Ask the Experts – Reopening the economy
Around 6,000 workers are expected to return to work in one capacity or another as the first phase of reopening Cayman's economy begins. Retailers,...
Finance minister: Cash reserves can support economic recovery
Five months after the government presented a record $1.6 billion two-year budget, the coronavirus pandemic has thrown all financial plans into disarray.
Business leaders seek solutions for crippled economy
Business leaders are exploring various solutions to keep people employed during the coronavirus crisis.
COVID-19 economic analysis: Just how bad might it get?
The global COVID-19 pandemic is posing serious challenges to economies everywhere and we should expect the same in the Cayman Islands. Guest columnist Paul Byles examines some of the potential impacts we may see in the coming months.
Premier: Cayman to face economic headwinds
After years of positive economic growth, Cayman is likely to face an economic downturn that will come sooner and be more intense than previously thought, according to Premier Alden McLaughlin.
Column: US economy keeps sprinting ahead
Contrary to the defeatist narrative that many on the left will surely advance, this economic success is a direct result of the president’s pro-growth policies.
EDITORIAL – Inflation: The silent pickpocket
Recently released statistics on inflation may have come as no surprise to Cayman Islands residents whose wallets lately have seemed a bit lighter.
EDITORIAL – A ‘good news’ day in the Cayman Islands
Monday’s front page was not a deliberate attempt to inspire a rose-hued perspective about current events. It was, fortunately and refreshingly, an accurate reflection of the day’s news in these islands.
Morici: The fourth industrial revolution
Productivity growth, after languishing during the Obama presidency, is taking off again.
Rahn: What would Adam Smith think?
Smith was a practical man who wrote about the importance of “common sense.” After two centuries, we know that most of his common-sense insights as to the way the world works were indeed correct then and are now.
Morici: Welcome to Trump’s new economy
The GOP may well get skewered in the midterms and Mr. Trump may be denied a second term from the sheer weight of hectoring by liberal Democrats, Bush-era Republicans and the media, but history will treat him more kindly.
Rahn: A tale of two pairs of states
People voting with their feet is the strongest indication of whether they approve or disapprove of the policies of any state or country.
Mitchell: The hidden tax of political cronyism
The bottom line is that cronyism promotes and protects inefficiency. And when an economy is less productive, that results in lower incomes and diminished living standards. Sadly, this is not just a problem in developing and transition nations.
Rahn: Prosperity and the rule of law
I would bet, unless China institutes a true rule of law, that economic growth will slow and eventually cease – without the country ever becoming rich on a per capita income basis.
Mitchell: Do crises produce liberalization or more statism?
The authors wanted to find out whether bad economic news (as captured by data on “GDP growth, deep recession, unemployment, crisis”) leads to pro-market reforms.
EDITORIAL – Work permit stats reflect Cayman’s changing face
New immigration figures confirm that the Cayman Islands population is not just changing; it has already changed.
